With the onset of important festivals and the height of wedding season in India, the demand for gold is again witnessing a spike, not only in retail outlets but also on wealth-tech and fintech platforms offering digital gold.
As gifting gold is one of the most crucial elements in Indian weddings, digital gold is seeing many takers this season. Along with that, with Dhanteras round the corner, it is considered the most auspicious occasion for buying gold and other precious metals.
“With the onset of important festivals and the height of wedding season in India, the demand for gold is again witnessing a spike, not only in retail outlets but also on wealth-tech and fintech platforms offering digital gold,” says CEO and Founder – Ashraf Rizvi of Gilded.
With social distancing norms imposed by the pandemic, venturing out and buying gold physically from a store seems too much of an ordeal, and even a potential risk for everyone. Added to that, millennials are digital natives. For many millennials, experts say, a digital-first approach from businesses across industries is a standard expectation and not an additional afterthought. Hence, buying or gifting gold digitally from the comfort of one’s home on a smartphone is a great alternative.
Industry experts say the wedding and the festive season is also enhancing the interest of millennials towards digital gold. Since weddings are limited to a certain number of guests, Rizvi says, “digital gold can come in handy for those celebrating remotely to exchange gifts and honour the occasion.” He further adds, “Accessibility of services within minutes, at their fingertips, is deemed essential by millennials. The same trend is also true when it comes to wealth management, where the experience needs to be frictionless, flexible, safe and transparent, something wealth-tech apps has provided very well.”
With the emergence of new-age wealth apps, buying and gifting gold digitally seems like a modern, thoughtful and prudent option. To cater to people on such occasions various online platforms offer digital gold with the convenient in-app gifting feature which allows gold to be easily and safely bought, held or gifted on different occasions.
Rizvi says, “Gifting digital gold is a hassle-free process as it eliminates the concerns of secure storage, transport and additional charges. The holder of digital gold can also sell their holdings at market rates, and can be sure to get a good price, since the purity would be ensured, unlike with physical jewellery.” Various online platforms now offer the option of adding a personal touch to the gift of digital gold with virtual gift wraps.
The convenience offered by apps in purchasing and gifting digital gold along with the safety and purity of the asset makes it a sought-after gifting option during this wedding and festive season. With such benefits and convenience being offered, it not only makes perfect sense to buy and gift digital gold but would also be a prudent investment option when it comes to purchasing the precious metal this wedding season.