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Akshaya Tritiya 2020: How to buy gold online

Major jewellers, such as Tanishq and Kalyan Jewellers, are selling gold on their online platforms.

April 24, 2020 / 03:04 PM IST

Since jewellers' brick-and-mortar outlets will be closed due to the nationwide lockdown, consumers will be buying gold online during Akshaya Tritiya.

India is currently in a nationwide lockdown to prevent the spread of COVID-19.

Akshaya Tritiya 2020, which falls on April 26 , is considered an auspicious time to buy gold.

Also read - 29% retail investors in India who had never bought gold now considering it: WGC

Online stores, gold exchange-traded funds (ETFs) and sovereign sold bonds (SGBs) are some ways of investing in gold this year.

Online platforms of Jewellers

Major jewellers, such as Tanishq and Kalyan Jewellers, are selling gold on their online platforms.

Kalyan Jewellers is selling Gold Ownership Certificates on its website.

"What makes this unique is that upon order confirmation, customers will receive this certificate via email or Whatsapp on the day of Akshaya Tritiya," Kalyan Jewellers Managing Director T S Kalyanaraman told PTI.

Titan's Tanishq, has also launched a sale on its ecommerce platform from April 18 to 27.

"Contactless shopping experience throughout will be a new experience for us and for our customers as well," Ajoy Chawla, CEO, Jewellery Division at Titan Company, told PTI.

PhonePe and Paytm

Financial technology companies PhonePe and Paytm are selling 24k physical gold and Digital Gold on their app through a partnership with MMTC-PAMP.

The gold purchased by customers are stored in locker facilities with either MMTC-PAMP or Safe Gold. On both apps the minimum purchase amount of Digital Gold is Re 1 worth.

Delivery of physical gold will be done only after the lockdown is lifted.

PhonePe is even offering cashbacks of up to Rs 200 on gold purchases.

SGBs and Gold ETFs

SGBs are issued by the Reserve Bank of India (RBI) and can be bought at scheduled commercial banks (SCBs), the Stock Holding Corporation of India, the National Stock Exchange and the BSE.

The last date for subscribing to the first tranche of SGBs in FY21 is April 24. The issue date for the tranche is April 28.

The benchmark of a gold ETF is the physical gold price. Individuals require a Demat trading account to buy Gold ETFs.

Moneycontrol News
first published: Apr 24, 2020 01:35 pm