Demonetisation and changes in buying patterns of consumers help in pushing online sales.
Online gems and jewellery marketplaces struck gold this Dhanteras, with many claiming 100 per cent growth year-on-year.
According to the biggest online jewellery platforms, sale of gold jewellery under Rs 1 lakh has drastically risen, which has directly helped them in increasing sales.
Demonetisation and changes in the buying patterns of consumers have helped in pushing the online sales.
According to industry experts, after the demonetisation the amount and value of gold jewellery being bought has gone down.
“Compared to last year, we witnessed a strong spike on and around Dhanteras. Sale of jewellery priced under a lakh has been high. I believe big-ticket gold jewellery sale has gone down in the offline market,” said Gaurav Singh Kushwaha, founder and chief executive officer of BlueStone.com.
- The average price of jewellery buys online range from Rs 10,000 to Rs 1 lakh
- More daily wear jewellery being sold, than gold coins
- Last year’s market estimates pegged the online gold market in India at Rs 5,300 crore
Many industry insiders also attributed the hike in online sales to discounts that ranged from 10-25 per cent. However, Kushwaha disagreed.
“Generally, the discounts range from 10-15 per cent. Offline players such as Tanishq are also giving around 20 per cent discount on making charges. I would not attribute the hike in sales to discounting,” he said. The company has seen almost Rs 250 crore in gross merchandise value (GMV) this year.
Online wallet major Paytm, which partnered with internationally-accredited refinery MMTC PAMP to launch Paytm Gold on its platform, registered 12x surge in gold sales during Dhanteras. The company saw Rs 120 crore in sales in the past six months.
The company is also all set to invest Rs 10 crore in marketing to reach customers in small cities and educate them about the flexibility, security and transparency of buying gold on its platform.
Photograph: Reuters.
