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Digital Sales of Gold Jewelry Picks up Steam
- 4th Sep 2020
There has been a humongous rise in the amount of online sales of jewelry, gold and other ornaments in India as the physical visits have dried up. Augmented reality (See how AR is impacting luxury sales overall) has played a huge part in converting sales for online jewelry sellers and WhatsApp calls, video calls and zoom calls have helped gold sellers close deals generated online.
Many luxury jewelry brands have opened their retail outlets gradually as the curbs induced due to Covid pandemic have been relaxed. However most gold and jewellery buyers are avoiding store visits. Therefore many luxury jewelry retailers have adapted accordingly and are offering AR and VR experience to ensure safe buying and selling. These have included online sales, lead generation, video calling, virtual jewelry trials and live chats with customers.
Many leading jewelry brands including Senco Gold and Diamond have apparently seen a rise in their online gold sale by at least 20 per cent or more.
Most of the jewelry brands have dedicated sales associates who demonstrate the details of chosen ornaments and also help customers try out the jewelry pieces virtually helping them to make up their minds much more easily.
Many brands started doing the online gold sales from the month of May 2020.
A big name in the jewelry industry Malabar Gold and Diamonds is creating a very strong infrastructure to ensure that their clients can buy gold easily through their website. The range that they have seen as the average for gold ornaments bought online has been around Rs.30K. Malabar Gold and Diamonds has been very active in creating a very pleasant web environment for their gold and diamond jewelry customers to buy their stocks from.
People have shown a lot of inclination for buying advanced gold as one can buy bare minimum quantity and there has been a phenomenal increase in gold purchase simply because of the crazy amount financial fluctuations that the market has seen.
The covid 19 pandemic has made investors realize the stability of investments in gold and many of them have sought to buying gold online just to keep their monies safe.
Computerized gold merchant Augmont witnessed a strong rise of almost 50 per cent during the April-July span. Sachin Kothari, director at Augmont confirmed the huge interest that buyers have shown while buying gold jewelry online after the restrictions imposed due to Covid-19 pandemic. He also feels that the gold buying digitally will only grow stronger as the years roll on.
The average comfortable price of gold that people buy online is around Rs 1,800-2,000 as per Mr. Kothari.