In an effort to tap the rural buyers’ potential, the World Gold Council-India is planning to seek the help of micro finance institutions in the country to provide loans to lower income groups to purchase gold in small quantities.
World Gold Council-India officials said the idea came from a project launched in Kerala in collaboration with the Muthoot Group. In that project, around 2,000 individuals from lower income groups were given loans to buy gold and there has been no default till now.
The council is now scouting for MFI partners to launch similar programmes across the country.
In another development, to encourage gold purchase through finance in the urban areas, the council is currently in talks with the ICICI Bank.
The objective is to encourage gold consumption and aptitude for investing in/wearing gold jewellery.
The council is also working on promoting the use of gold jewellery among young girls in the country. The gold consumption by young girls in India is very low as of now. The council is on a mission to bring a mindset shift in the youth about making a fashion statement with gold jewellery.
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