Tanishq to offer digital gold, check details
The company is planning on scaling it up by marketing it digitally as the gold buying increases from October
Keeping the upcoming festive season in mind, Tanishq has launched digital gold products with offerings to attract young shoppers. For this Tanishq Digital Gold has partnered with Digital Gold India Pvt Ltd (DGIPL) to allow consumers to exchange buy or sell physical gold through the latter’s SafeGold platform. For the first few months, the company ran a pilot before launching the digital gold products. Tanishq is the first large jewellery retailer to offer digital gold to shoppers in India.
According to a report in Mint, the company said that younger customers are keen to buy gold as part of their investment portfolio and to build a sizeable asset class for future redemption.
Nearly 70% of the 1,000 to 2,000 customers who have been registering on the platform every month were first time shoppers of the brand, since the product’s launch in late April.
The company is planning on scaling it up by marketing it digitally as the gold buying increases from October, the publication said.
Lack of regulation in selling digital gold
Tanishq on its website describes its digital gold product neither as a deposit nor as a financial product, but a method of purchasing gold for purchasing needs. In case, if customers wants to convert their gold into jewellery at a Tanishq store, the retailer will apply making charges at the time of redemption.
In India the sale of digital gold currently lacks a regulation. The Securities and Exchange Board of India (Sebi) has also barred exchanges from selling digital gold.