'Increasing independence' leads to gold jewellery market growth

The emancipation of women in developing countries is leading to enormous growth in potential markets for gold jewellery, according to research by the World Gold Council (WGC).

The report alleges that women in the developing world have gained both greater responsibility for the way they dress and more disposable income. This has led to many more women falling into gold jewellery's target groups.

Gold jewellery is now considered a vital part of a woman's appearance according to the survey and more and more women in developing countries are choosing to buy jewellery for themselves. The WGC estimates that the number of women who match their target group criterion has risen by 56 million in China, India, Saudi Arabia and the United States alone since 2002.

The report identified three different key target groups. These were 'women who are traditional and status driven in their outlook', 'women passionate about their appearance and accessories' and 'self confident, creative women.'

Managing director of jewellery and marketing at the WGC, Philip Olden, said: "It is clear from the research that gold jewellery markets should not be simply categorised as either 'investment' or 'adornment'.

"We are seeing much more convergence. The emotional attributes and benefits of gold, as well as its practical or financial benefits, play important and complementary roles to women around the world."

James Burton, chief executive of the WGC made further comment: "This study has provided the WGC with a wealth of knowledge and insight that has already been used to develop a marketing platform which encompasses the core values associated with gold.

"These market insights have enabled the WGC to implement both strategic and tactical marketing projects in all the key markets for gold jewellery, which have delivered strong results."