Indian Digital Gold Buying System Now Expanding To Jewellery

Indian online digital wallet and retail system Paytm says it has sold more than 100 kilograms of gold on its platform and is now in discussions with jewellers across the country to enable buyers to redeem their digital gold in the form of jewellery.

Paytm partnered with bullion dealers MMTC-PAMP to allow consumer purchases of 24-karat 999.9 purity gold on its platform. The system allows purchases from one rupee upwards, and allows either a resale online or a home delivery of an accumulated minimum of one gram of gold.

According to Paytm, consumers have been buying gold in a wide spectrum ranging all the way into the hundreds of thousands of rupees. Some have buying ₹11 worth every single day, while others have opted to purchase one gram a week. 

Reporting an overwhelming response to the initiative, Paytm says it now wants to offer customers the option of converting their purchased gold into jewellery by digitally paying the fabrication costs or making charges as they are known in the country. The system would transfer the gold ownership from the consumer’s to the jeweller’s account.

The customer base currently is heavily skewed towards the 25-35 age bracket, but Paytm reports and increasing usage of the system by the 50-plus age group. The states of Goa, Karnataka, Himachal Pradesh, Tamil Nadu, Punjab, Haryana, West Bengal, Gujarat and Chhattisgarh have emerged as the top markets for the product.

https://www.gemkonnect.com/news/indian-digital-gold-buying-system-now-expanding-jewellery