As reported by Economic Times, the World Gold Council (WGC) has taken an initiative to further tap the Indian market, which has always had a soft spot for gold. It plans to tie-up with Reliance Retail and Pantaloon Retail India, to supply gold jewellery. Reliance Retail plans to invest in setting up 400 to 500 jewellery retail outlets.

“We are negotiating with Reliance Retail and Pantaloon to provide marketing programme and identify as well as source gold jewellery from manufacturers in India and abroad,” stated the WGC managing director, Mr. Philip Olden.

Along with the marketing support taken, WGC will provide retail training, merchandising and advertising to retail players in India said Olden. He added that, “India is of critical importance to us and we believe that having collaborative marketing initiatives will help boost gold consumption.” WGC plans to increase its marketing budget in India by 50% from the currently spends of $16 million per year.