How has India’s gold market changed?

The Indian gold market was also very different in the past. The popular sellers of gold on the market were the local sellers, from whom the customers bought their entire lives, and if not them, generations of the same family bought from the same local vendor.
This was because the middle class of Indians always saw gold as an investment and not just a fashion product. Thatu2019s why India is a huge market for gold. The customers’ primary concern is the gold’s purity, and as long as they trust the shop owner, they keep buying it.In current times, the situation has changed significantly. Today, chain stores have a 35% market share in the retail gold market in India. These changes came after lots of hard work, and the company behind them was Titanu2019s Tanishq. After establishing itself as a watch company, Titan came up with a different brand name in the gold market: Tanishq. Tanishq faced massive setbacks at first, and they were on the verge of shutting down the company. But they soon discovered the key to breaking the gold buyers years of trust in the local vendors.This was accomplished by recognizing the major issueu2014despite their high trust, the local vendors provided gold of lower quality, as they stated. Tanishq devised the idea of installing a karatmeter, a device used to determine the purity of gold. With the karatmeter in their stores, they invited Indian buyers to check their gold for free and know the actual quality. The people flooded into their stores and realized that the gold was not of the quality their trusted vendor had mentioned.The next step in acquiring these vulnerable customers was to announce a scheme in which anyone with the gold of more than 19 karats but less than 22 karats could purchase Tanishq’s 22 karats by simply paying the making charges. Tanishq will himself bear the cost of gold. Isn’t it a cash-draining situation? However, it is worthwhile because customers will be able to purchase gold worth lakhs in the future.This scheme proved its success, and Tanishq became a synonym for trust and purity.Comment down your views.