India, Sept 30 (IndiaToday) – Jewellers in India are gearing for the upcoming festive season in a unique way as they plan to maximise sales during the period.
Many jewellers in the country have started selling gold online for as low as Rs 100 to boost sales after the pandemic disrupted business. While there are some portals that sell gold online, this is the first time major jewellery businesses are making a move to the digital space to sell gold.
Online gold sales saw a significant uptick after the pandemic, forcing traditional jewellers to reassess their business and move online.
Jewellers such as Tata Group’s Tanishq, Kalyan Jewellers India Limited, PC Jeweller Limited and Senco Gold and Diamonds are going to launch or have already launched offers to sell gold online, reported Bloomberg.com.
They plan to sell online either directly to customers or through tie-ups with digital gold platforms. However, customers can take delivery of the gold once they purchased at least a gram of gold. A gram of gold costs around Rs 4,500.
While online gold buying is not a new concept in India, it was offered by only some e-commerce, some dedicated portals and mobile wallets.
Traditional jewellers in the country, however, have stayed away from selling gold online. But they are now exploring the online space to maximise sales during the festive season.
GOLD DEMAND DURING FESTIVE SEASON
Gold sales usually rise during the festive season as many households are looking to purchase the yellow metal during this period. However, physical sales of gold and other jewellery took a big hit after the Covid-19 pandemic.
Many Indians, especially the younger tech-savvy population, are now buying gold digitally in order to avoid visiting the store.
Experts believe that the online gold business in the country will grow further in the coming years. They also believe that online gold purchases also doubles up as a better investment option as compared to physical gold.
The fact that buying gold online is more flexible and cheaper has attracted a lot of people ahead of the festive season. The drop in gold prices has also contributed to higher sales volumes on digital platforms.