October 31, 2020

Gold, jewelry gross sales go digital amid coronavirus pandemic



On-line sale of gold and jewelry has picked up within the nation amid the pandemic with retailers taking to new applied sciences to supply digital jewelry trial by means of augmented actuality and video calls with retailer workers.

Whereas most jewellers have opened their shops after the lockdown to test the unfold of Covid-19, prospects are nonetheless hesitant to go to shops. This has prompted retailers to make use of augmented actuality to advertise contactless promoting by way of video calling, infinite aisle, digital jewelry try-on and stay assisted chat.

On-line sale utilizing such applied sciences account 12-15% of general of Senco Gold & Diamonds, firm CEO Suvankar Sen informed ET.

“On video name, devoted retailer workers will showcase the vary of shortlisted jewelry and in addition give the digital really feel of the design and outlook of the jewelry to the client, by carrying the identical,” he mentioned. “As soon as an order been positioned by the client, the shop will ship the identical jewelry on the given deal with, sustaining hygiene and security norms.”

Senco began this initiative in Might-June, Sen mentioned.

Ahammed MP, chairman of Malabar Gold & Diamonds, mentioned his firm has been pushing on-line sale utilizing new applied sciences even earlier than the pandemic. “So, the idea shouldn’t be one thing new to us,” he informed ET. “Having mentioned that, we all the time consider jewelry retail ought to have a touch-and-feel facet. However, on this current situation, this technological intervention in jewelry retail proves to be useful as all our prospects should not ready to go to our shops.”

Malabar Gold plans to introduce a brand new know-how to supply an built-in and seamless shopping for alternative to the shoppers inside two months, Ahammed mentioned.

Common ticket dimension for gold jewelry buy by means of on-line has been Rs 25,000 – Rs 30,000, retailers mentioned.

DIGITAL GOLD IN DEMAND

Investments in digital gold, which individuals should buy for as little as Re 1, too has gone up with the yellow metallic seen as a secure haven amid a worldwide financial downturn brought on by Covid-19.

Digital gold dealer Augmont noticed its enterprise enhance 40-50% 12 months on 12 months throughout the April-July interval. “We’ve got noticed that folks have proven extra curiosity in digital gold shopping for throughout this Covid-19 pandemic,” mentioned Sachin Kothari, director at Augmont. “We consider this development will proceed.”

The typical ticket dimension is Rs 1,800-2,000, Kothari mentioned.

MMTC-PAMP India, the one refiner within the nation accredited by London Bullion Market Affiliation (LBMA), mentioned digital gold accounts for almost 2% of its enterprise. “We’re aiming to realize a double-digit determine throughout the subsequent two to 3 12 months time as increasingly more individuals are leaning in the direction of shopping for gold digitally,” firm managing director and CEO Vikas Singh mentioned.