Jewelers Sell $1 Gold Online as Indians Warm Up to Internet Buys
- Offers launched ahead of festive season, when demand peaks
- More people bought gold online after virus curbed store visits
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Jewelers in India have started selling gold for a little over $1 online after the pandemic upended sales, forcing them to reassess traditional ways of doing business.
Sales crashed last year in the second-biggest consumer after a nationwide lockdown shuttered stores across the country. But it also led to a bump in India’s nascent market for online gold sales. That’s pushed jewelers such as Tata Group’s Tanishq, Kalyan Jewellers India Ltd., PC Jeweller Ltd. and Senco Gold and Diamonds to launch offers to sell gold for as little as 100 rupees ($1.35) either directly on their websites or through tie-ups with digital gold platforms. Consumers can take delivery once they have invested enough for at least 1 gram of gold.