WGC to Promote Digital Gold Sales in India

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced its decision to focus on promoting digital gold sales in India. This comes in the wake of unprecedented dip in gold demand in the country during recent months.

According to the gold trade body, it will pursue means to boost digital gold sales in the country. As part of this, it will start consumer marketing of gold in the country. This is the first time in the past decade or so that WGC is investing in promoting gold sales in the country, with special focus on customers above the age of 35 years. However, it did not disclose details on how much will spend on sales promotions.

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David Tait, Chief Executive Officer, WGC noted that the sharp decline in retail gold demand has led to depression in bullion industry. The fall in demand was primarily led by record high gold prices in the country and closure of retail outlets and factories across the country on account of the national lockdown declared by the government to contain the spread of covid-19 pandemic. Meantime, it is also working with institutions and government authorities in setting up a bullion exchange in the country, Tait added.

As per market participants, the unprecedented debt and employment issues in the domestic sector has forced WGC to look at the option of consumer marketing of gold in India.