Gold & Silver

Akshaya Tritiya can ring in digital transformation: WGC

Our Bureau Mumbai | Updated on April 25, 2020 Published on April 25, 2020

Digital transactions can help bring transparency and protect consumer interest, WGC’s India MD said

The World Gold Council feels the Union government should come out with regulations for the online sale of gold and jewellery to protect consumer interest.

Due to the nationwide lockdown to contain the spread of the coronavirus, most leading jewellers have launched attractive online sales to woo customers this Akshaya Tritiya, which falls on Sunday.

 

The transformation of the industry from brick and mortar to the digital platform will be good from a policy view, said WGC.

If these digital transactions indeed sustain in due course, it will be a good development for transparency and for monetising gold, but this can happen only with an acceptable regulatory framework to protect consumer interest, it said.

Gold demand restricted

Somasundaram PR, Managing Director, India, World Gold Council, said, “High gold prices, logistical constraints on delivery, uncertainties surrounding wedding schedules, income anxieties and the lockdown in various degrees make it an unusual period that is bound to seriously restrict gold demand.”

Digital platforms like SafeGold and MMTC-PAMP could facilitate the customary token purchases in urban areas, and support the tradition of buying gold on Akshaya Tritiya, but they are unlikely to be a significant alternative to “brick and mortar” sales yet - as they sell allocated gold (means owned by the jeweller) and their supplies too are limited. Large retailers could adopt some innovative ideas to promote online trade with digitally savvy HNIs, said Somasundaram.

He hoped that Akshaya Tritiya will be embraced in millions with a stronger cultural and spiritual affinity, even as material celebrations remain significantly muted.

Published on April 25, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.