Jewelers sell gold worth Rs 100 online as Indians take to the internet

Jewelers sell gold worth Rs 100 online as Indians take to the internet

Jewelers in India have started selling gold for a little over $1 online as the pandemic escalated, forcing them to reevaluate traditional ways of doing business.

Sales for the second biggest consumer crashed last year after a nationwide lockdown. But it also led to a boom in India’s emerging market for online gold sales. It began offering jewelers such as Tata Group’s Tanishq, Kalyan Jewelers India Ltd, PC Jewelers Ltd and Senco Gold & Diamonds to sell gold for as low as Rs 100 ($1.35) directly on their websites or through tie-ups with them. inspired to do. Digital Gold Platform. Consumers can take delivery after investing enough to have at least 1 gram of gold.

Digital gold sales are not new to India, with mobile wallets and platforms such as Augmont Gold for All, and the World Gold Council backed SafeGold offering products. Jewelers so far shy away from selling such products online, limiting them to their stores as most of the purchases in India are still done in person.

“COVID has obviously changed the mindset of a lot of jewelers and they have also been active in selling jewelry online. So it is an extension of the whole mindset,” said Ketan Kothari, director of Augmont Gold, which has over 4,000 jewelers as partners.

festivities demand

Jewelers have launched offers in India at the start of the festive season, when the demand for gold is at its peak. Digital shopping is on the rise as more and more Indians are ready to shop through the internet. This, along with being more technology-friendly, is expected to boost the segment from the younger generation of consumers.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, said, “We are seeing renewed interest from consumers, especially the youth, who want to make systematic investments in the yellow metal.

Also read: Gold is being sold today at Rs 46,040 per 10 grams, silver at Rs 60,100 per kg

While online gold purchases, which include selling jewelry on jewelers’ websites, accounted for only 2% of total sales prices in 2019, most of these transactions were conducted by people under the age of 45, according to World Gold it was done. Council report last year

Gaurav Mathur, Founder, SafeGold, said that the fall in gold prices has also boosted volumes on the platform. said. He said that people feel that the current gold prices are low and they are used to digitally transacting not only gold but all categories.

Augmont’s Kothari said, “Since February last year, we have seen a 200 per cent increase in sales on our platform, with most consumers buying coins and bars worth Rs 3,000-4,000.” “During the pandemic, buying gold in digital form has gained immense popularity and we expect sales to increase by 20%-30% this festive season as compared to last year.”

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