Jewellers sell US$1 gold online as Indians warm up to Internet buys

Digital gold sales aren’t new to India, with mobile wallets and platforms like Augmont Gold For All, and World Gold Council-backed SafeGold offering the product. Jewellers had so far shied away from selling such products online, restricting them to their stores as the bulk of purchases in India are still made in person. — Reuters

Jewellers in India have started selling gold for a little over US$1 (RM4) online after the pandemic upended sales, forcing them to reassess traditional ways of doing business.

Sales crashed last year in the second-biggest consumer after a nationwide lockdown shuttered stores across the country. But it also led to a bump in India’s nascent market for online gold sales. That’s pushed jewellers such as Tata Group’s Tanishq, Kalyan Jewellers India Ltd, PC Jeweller Ltd and Senco Gold and Diamonds to launch offers to sell gold for as little as 100 rupees (US$1.35 or RM5.64) either directly on their websites or through tie-ups with digital gold platforms. Consumers can take delivery once they have invested enough for at least one gram of gold.