This Akshay Tritiya, Gold Coins and Gold Savings Scheme with EbixCash
Indians adore gold more than the people of any other country. An emotional, sentimental and religious purchase, the demand for physical gold never dies in India which explains why the country is by far the world's largest importer, accounting for one-fifth of the global retail consumption. With Akshaya Tritiya round the corner, buying gold gets a 'holy' backing as the day considered auspicious for many Indians.
When it comes to buying the yellow metal, India is home to specialised gold markets in nearly all cities. In Mumbai, Zaveri Bazaar is the oldest and largest gold market. In Delhi, Karol Bagh and South Extension have many gold jewellers while in Chennai, one needs to head to the gold stores in T. Nagar. And who can ignore Kerala, when it comes to gold, rural Kerala's per capita spending on gold ornaments is far ahead of the total per capita spending of all six top states.
So, how would you feel if one tells you that instead of going to one of these select markets, this Akshaya Tritiya, you could buy your annual quota of gold by simply walking into your friendly Kirana store! What's more, this comes with the flexibility of either paying in full or through an EMI spread over 3 to9 months. Also, customers have the convenience of physical gold being delivered at the end of the tenure right at their doorstep.
With the compelling blend of the benefits of traditional brick and mortar stores and the regular digital commerce, EbixCash in association with Augmont India has launched a facility to buy the best quality 24Kt (999) Gold coins through its 'Phygital network' of more than 231,500 retail touch points across 5,500 cities, towns and villages across the country. All that the buyer has to do is walk into the nearest EbixCash's retail stores, choose the product, make a 20 percent down payment and pay the rest in an EMI each month. Furthermore, they even have the option of cancelling the order during the EMI period!
Augmont is India's biggest and most trusted B2B Bullion supplier, offering top quality gold from their own BIS Accredited Refineries with a purity of 999 (24 karats). While the buyers can currently choose from a variety of gold coins, the platform aims to include jewellery items such as pendants, bracelets, chains and earrings in the near future.
Gold purchases are not an exclusive preserve of the rich, which also explains why the GST rate on the metal was fixed at just 3% and not 18%. What's more interesting is that while India remains the second biggest consumer of gold, rural India alone accounts for about 60% of annual gold consumption.
However, with just one-third of Indians owning bank accounts, India is conspicuously under-banked. For the areas still not sufficiently penetrated by the banking system in the country, gold still provides a lot of financial security to rural people as it can be mortgaged for receiving immediate liquidity during a contingency.
Powered with multi-category merchants, a technology platform and a robust distribution network, EbixCash offers a range of digital payments and investment solutions, and the company's association with Augmont India is its latest offering on their 'Phygital' network. The facility thus allows individuals to buy gold for their future aspirations. The platform serves a great advantage for individuals who find it difficult to save a large amount for making spot purchases encouraging a disciplined practice under which one can buy gold in grams by making small and regular payments.
But when it comes to buying gold, it is all about trusting your seller. The immense goodwill built over the years that your neighbourhood Kirana store brings on-board coupled with the ease of buying gold from your nearest outlet in affordable quantities through EMIs is a breakthrough initiative by EbixCash for the middle and lower middle India.
In a country, where a legal license is not mandatory, the authenticity of the gold available in the open market is threatened. Some of the biggest scams have happened in the retail gold market with just 13,000 BIS (Bureau of Indian Standards) licensed jewellers in India. Thus buying a Hallmarked Gold Coin from Augmont comes with the underlined emphasis on purity, quantity and authenticity of the purchase.
The idea is to make gold relevant to the country's last mile. The platform presents a strong case of empowering every Indian helping him transition towards a more secure future steadily but in stages with due consideration to his convenience and affordability.
What the metros achieved in the last few years, mass middle India will achieve in the coming decade.
The India story and the demand revolution will live on!