GOLDEN GROWTH: ESG AS A CATALYST FOR BUSINESS GROWTH OF GOLD JEWELLERY MARKET IN MUMBAI “WHERE ETHICS MEET ELEGANCE IN THE CITY OF GOLD”

Abstract

Usually, referred as the “City of Gold”, the gold jewellery industry in Mumbai holds a unique position as both a cultural heritage sector and a rapidly modernizing business sector. Initially, design, purity and price influenced consumer preferences towards purchase of gold jewellery; however, with passage of time, awareness of sustainability and ethics jewellery industry in Mumbai is undergoing a significant transformation as Environment, Social and Governance (ESG) practices emerge as critical drivers of business growth. These research paper explores the intersection of ESG principles and business growth specifically in both branded and non-branded gold jewellery businesses in Mumbai. The study highlights how practice of ESG in business enables businesses to meet competitiveness, consumer trust, and long-term profitability after analyzing through review of literature, industry analysis and insights from consumer behaviour. A qualitative and exploratory research design was adopted. Finding reveals that branded jewellers such as Tanishq, Malabar Gold, and Kalyan Jewellers have proactively adopted and implemented ESG principles in their business operation by using ethical sourcing, hallmarking, responsible advertising and transparent governance which has enable them to acquire good consumer trust, more investment appeal and long-term profitability. On the other hand, non-branded jewellers though have cultural and local trust networks face lots of challenges due to informal practices, limited funds and lack of ESG awareness but also have unique opportunity to integrate sustainable practices. This paper concludes with certain recommendation for stakeholder to leverage ESG in order to sustain and growth in this sector.