What should you do if your jeweller offers you digital gold, instead of jewellery?

Apart from gold accumulation plans, jewellers offer self-funded digital gold options that may not be backed by refiners

 KHYATI DHARAMSI

 

OCTOBER 08, 2022 / 09:55 AM IST

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This festive season, don’t be shocked if your good old jeweller offers you an app link to purchase digital gold instead of gold coins.

So far, only government-accredited gold refiners such as MMTC-Pamp, Augmont and SafeGold offered digital gold through tie-ups with financial service providers and jewellery brands.

Now, some jewellers have launched their own versions of digital gold, where third-party checks and balances of a custodian – who ensures the equivalent gold is stored in vaults after a customer’s digital purchase – might be missing.

“Digital gold currently is being offered through third-party tie-ups. But since we have a good net worth, we are offering our own digital gold, which is paper gold and silver. The buyer receives a physical certificate sent by post,” said C Vinod Hayagriv, managing director of C Krishniah Chetty Group of Jewellers in Bengaluru.

An app builder has helped C Krishniah Chetty Group and 70 other jewellers from east India and Maharashtra to offer digital gold.

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