India Digital Gold Sales Thrived Amidst Pandemic Crisis

SEATTLE (Scrap Monster): The online sale of gold and jewellery through digital platform thrived in India during the past several months. The travel restrictions on account of Covid-19 pandemic limited store sales, which in turn led to significant surge in digital gold sales. The sales are likely to see further uptick, with many jewellers collaborating with digital gold platforms to offer gold at special discount rate and affordable quantities.

Many leading jewellers in the country switched to online gold sales, either directly through their websites or in partnership with other platforms. Earlier, gold purchases were limited to bulk quantities. However, the purchases witnessed robust growth, after jewellers beginning to offer gold for as little as INR 100, thus making it affordable for common folks. Also, customers are allowed to take delivery, once they complete investment in at least one gram of gold.

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The trade participants noted that Covid-19 has changed the mindset of a number of jewellers. So has the purchasing preference of customers, they noted. There has been a renewed interest to purchase gold online, especially from younger generation. The gold sale through digital platform has been witnessing multi-fold surge. The festive season demand will provide further boost to gold sales, compared with the previous year.