The demand for gold coins and bars are zooming ever since the leading jewellers tied up with quick commerce companies to deliver them in 10 minutes.
Tanishq, which has a tie-up with Tata Group enterprises BigBasket, has seen 30-40 per cent month-on-month increase in gold coins sales despite selling them at premium with a 6 per cent making charge.
Malabar Gold and Augmont Gold have tied up with Zepto, while Joyalukkas has joined hands with Zomato-owned Blinkit to offer gold coins in 10 minutes.
Swiggy Instamart has partnered with multiple vendors including Malabar Gold & Diamonds, Muthoot Exim and Jar for delivering 24k gold coins of as low as 0.1 g, 0.25 g and 0.5 g denominations.
The demand for gold bars and coins have jumped 40 per cent in last three quarters to 164 tonnes against 117 tonnes logged in the same period last year, according to the World Gold Council report.
It was up 41 per cent in September quarter at 77 tonnes against 54 tonnes logged in the same period last year.
Safety aspect
Ajoy Chawla, CEO (Jewellery Division), Titan, said after the recent surge in gold prices despite being volatile, consumers are collecting gold in small quantity in physical form for passing it on the next generation and this is one of the major reasons that has been driving the demand.
The tie-up with quick commerce company has pushed up sale of gold coins and bars to a new high during this Dhanteras and Diwali week and further established that consumers affinity for the yellow metal is here to stay, he added.
Asked on the safety aspect of delivering gold coins through quick commerce delivery boys, Chawla said there has been no issue whatsoever as the tie-up was with Tata group company BigBasket which has been delivering more costlier items through its platform.
Moreover, he added when the item is picked for delivery, the boys will not be knowing that they are handling gold coins and to top it all each consignment is insured fully.
A Tanishq 24 carat gold coin on BigBasket costs ₹8,938 per gram, while 22 carat is priced at ₹8,193.
Bright outlook
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, said gold will continue its uptrend in the medium term to touch $3,000 an ounce (₹85,000 per 10 grams) amid the ongoing geopolitical tensions stemming from the intensifying Russia-Ukraine war.
Moreover, gold prices will find support from the US President-elect Donald Trump’s expansionary policies that could reignite inflationary pressures and lift the US Dollar Index to its highest level since October 2023.
