New trend: Top traditional jewelers like Tanishq and Kalyan start selling digital gold to attract middle class and youth
- With the big fluctuations in gold prices, people are turning to digital gold
- Only Rs. Gold can be bought at 100
- Banks and financial services companies were selling digital gold
Due to the way gold prices have been rising for the last one-and-a-half years, the middle class in particular has now turned to buying digital gold. At the same time, the youth also prefer to buy digital gold rather than physical gold. With this in mind, even the country's top traditional jewelers have now turned to selling digital gold. The digital gold service has now been launched by Tata Group's Tanishq Jewelers and Kalyan Jewelers. Traditional jewelers are now turning to digital gold selling, especially to attract young customers.
Young people prefer convenient investment in gold
Ramesh Kalyanram, executive director, Kalyan Jewelers, said that gold has always been a saving option for Indians. This has emerged as the safest and most lucrative long-term asset in the post-Covid-19 era. We see renewed interest in gold among young, first time customers. Millennium or Generation-Z consumers are eager to make systematic purchases in gold. We have been in the jewelery business since 1908 and in view of today's demand we have started selling digital gold. Especially today's young consumers believe more in digital storage and that is why digital gold is more convenient for them.
Will be helpful in gaining new customers
Ajoy Chawla, CEO of Jewelry Design, Titan Company Limited, said that many may not need to buy gold jewelery immediately, but if they have an idea to buy in the near future, they can gradually invest in digital gold. When they need jewelry or gold they will come to us to convert it. This way new customers will arise for us.
What is Digital Gold?
Digital gold means that when a person buys gold online, bullion companies and refineries keep such valuable physical gold in your name in their lockers. In return the customer receives a purchase receipt. This is how gold comes into your digital wallet. It can also be bought and sold and the receipt can also be obtained in the form of physical gold.
The benefits of digital gold
Fluctuations in gold prices are the biggest concern for middle-class families. At the same time, there is a fear of theft when gold has to be kept in the house. On the other hand, there are no such questions in the purchase of digital gold and the purity is also assured. Suppose you can also buy gold for 1 rupee. There are many people on our platform who earn Rs. 25-50 or Rs. Also buys 100 gold.
What kind of people buy digital gold?
Middle class: As the price of gold fluctuates, the middle class buys digital gold in the form of a systematic investment plan for their needs, especially for children and family occasions. Housewives buy digital gold by saving some money from household expenses. Apart from this, by saving service class and small trades, Rs. Buys up to 500-5000 gold.
Low risk takers: There are many people who have little knowledge of other investment instruments and consider investing in stock markets, mutual funds, bonds, etc. to be risky. Such people also invest in digital gold. As this whole process is transparent, people's faith in digital gold is getting stronger.
Investors: These are people who regularly invest in gold. They also buy and sell gold based on fluctuations in the price of gold. There are real investors in this category, just as investors invest in digital gold for profit in the same way as they invest in the stock market.
Where to buy?
MMTC-PAMP India Pvt Ltd as well as other bullion trading companies offer digital gold facilities. The gold can be purchased online from Paytm, Google Pay, Motilal Oswal, HDFC Securities, Phone Pay. According to people involved in the industry, 7-8 crore people have bought digital gold in the last 3 years. According to brokers, sales of approximately 8000-9000 kg of digital gold are estimated during this period.
Thanks for the detailed article on this topic. I would like to see more such awesome articles from you.
ReplyDeleteAttractive section of content. I just stumbled upon your website and in accession capital to assert that I get actually enjoyed account your posts.
ReplyDelete