Jewellery majors unveil digital gold platforms

Kolkata: In a move that is likely to attract more investors for gold assets, two leading jewellery retail chains —

Senco

and

Tanishq

— have launched digital platforms on Tuesday.

This platform will enable people to invest on gold and later redeem the value by selling it off to the company at the current market price of the yellow metal. The purchased gold will be stored with 100% insurance coverage managed by a recognised trustee.

Senco’s new online gold transaction platform, DG Gold, gives investors the flexibility to convert their digital gold purchase into physical gold in the form of jewellery at the time of redemption at their 116 outlets across the country. People can also sell the gold through the company’s portal or website anytime.

Suvankar Sen, CEO of the Kolkata-based Senco, said, “The new platform gives our customers a chance to create value and wealth. DG Gold provides right pricing with guaranteed purity. People can opt for online gold savings with a purchase value of Rs 250. A customer with a valid PAN/Form 61 and a bank account in his or her name is eligible for this transaction.”

Given the momentum to e-commerce, the other retailer, Tanishq, has decided to venture into a similar platform, for which they have partnered with SafeGold, a digital gold platform that complies with all Sebi norms and regulations.

“Consumers can start their gold savings journey with a purchase of Rs 100. People can turn it into physical gold anytime at our 360 pan-India outlets. Once consumers purchase digital gold, an equivalent amount of gold is kept under his or her name for 10 years with no lock-in period and no limit on the amount of purchase. They can sell the digital gold from home as well,” said Ajoy Chawla, CEO, jewellery division of

Titan

company.

“People can acquire 24K pure gold and start their golden savings journey with the trust of Tata. While the demand for traditional purchase of gold at our retail stores will continue, the digital platform will cater to tech-savvy customers who may not have an immediate need of gold but plan to purchase it for future use,” Chawla added.