In the backdrop of the steep decline in the gold business in India, Indian jewelers are exploring some innovative and innovative ways to sell gold to their large consumer base. Gold traders and jewelers have started selling in India Sleep For a little over $1 online. There is a need for gold jewelers to adopt digital methods to sell gold as gold sales declined last year following the nationwide lockdown induced by the COVID-19 pandemic.
Just to stay afloat and tide over the crisis easily, jewelers such as Tata Group’s Tanishq, Kalyan Jewelers India Ltd, PC Jeweler Ltd and Senco Gold & Diamonds offered to sell gold directly for Rs 100 ($1.35). through their websites or tie-ups with digital gold Forum. The only condition with these innovative schemes is that consumers can take delivery after investing enough to have at least 1 gram of gold.
While digital gold sales are not new to the Indian market, it is offering the product with the help of Augmont Gold for All and World Gold Council backed SafeGold. Jewelers till now shy away from selling such products online, limiting them to their stores as most of the purchases in India are still done in person.
With the festive season and wedding season approaching in India, jewelers have come up with these new products at a time when the demand for gold is sure to rise. To target the tech savvy youth, these digital mode centric offers are being aggressively launched by almost all the jewellers. Digital shopping is on the rise as 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.
According to a media report, online gold purchases, which include the sale of jewelry on jewelers’ websites, accounted for only 2 per cent of the total sale value in 2019, with most of these transactions done by people under the age of two. 45, according to the World Gold Council report last year. And according to SafeGold, a digital gold selling platform, with the fall in gold prices, the digital gold sales volume has increased.
“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 to Rs 4,000. During the pandemic, buying gold in digital form has gained immense popularity and we expect sales to increase by 20 per cent-30 per cent this festive season as compared to last year,” Augmont’s Kothari told national daily Business Standard. found cited in However, after a good rebound in the previous session on Friday, gold prices were trading with a slight decline on Friday. The stronger US dollar made the yellow metal costlier for holders of other currencies. The dollar recovered most of those losses on Friday and began the final quarter of 2021 near its highest level of the year.
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