Jewelers in India have started selling gold for a little over $1 online after the pandemic elevated sales, forcing them to reevaluate traditional ways of doing business. Sales crashed last year in the second-biggest consumer after a nationwide lockdown deal with stores across the country. But it also led to a jolt in India’s nascent market for online gold sales. That’s pushed jewelers 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 ($1.35) 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 1 gram of gold. Digital gold sales is not a new thing to India, with mobile wallets and platforms like Augmont Gold For All, and World Gold Council-backed SafeGold offering the product. Jewelers had so far shied away from selling such products online, inhibit them to their stores as the bulk of purchases in India are still made in person.
