The tough phase of the Coronavirus pandemic is also not able to change the mindset of Indians towards investing in gold. As everything is transforming to the digital world people are getting attracted to e-gold. Moksh Popli says this booming call for digital gold is changing the entire market and is expected to bring huge variations for other businesses in the coming future.
In a recent study, people are scare of Corona, but they are spending on digital gold, gold bonds, and ETF, this viewpoint has shifted the market in just two months. Even the reduced earnings in the tough times are not able to stop the consumers from buying gold. Instead of going to the stores, people are buying gold online. In the last four months, there has been a rise of 50% in the market. This is creating trouble for the offline jewelers on a big scale.
Moksh Popli says that the intervention of big brands and names in this business and reduced rates with offers is increasing the urge in Indians to buy gold. No doubt, buying gold is considered auspicious in Indian culture. People of every class, religion, and denomination, consume an average amount on buying gold and gold jewelry as per the accessibility and budget. The fact is, even this crisis is also not been able to stop them.
At present, the Indian market is ruled by MMTC and Switzerland based MKS-PAMP by their joint enterprise. Another emerging brand is Augmont Gold, a Mumbai based gold dealer is also trying hands-on selling e-gold in India. These prominent companies have made business contracts with wallet companies through which people can buy e-gold easily, like Paytm, GOOGLE Pay, Phone Pe, and Amazon.
The economical and profitable E-gold
- Wallets like Paytm are offering the buyers to purchase gold at 1 Rupee.
- These companies are charging 2-3% for taking care of the gold and on buying.
- The buyers have to pay 3% GST while buying E-gold.
- At present, MMTC is managing and controlling 8.6 Crore digital gold accounts.
- 2.5% interest is available on gold bonds which are taxed according to respective income tax categories.
Moksh Popli says that the appearance of established trademarks in this business and refined model of investments in E-gold in the past few days has brought huge transformations. Undoubtedly, the Indian economy is taking its position. Even the tourism sector, e-commerce, and electronic markets are also returning on track.
Being an IT expert, Moksh Popli advises the enthusiastic e-gold buyers, be careful while making the online payments and trusting on the websites. Buying digital gold is easy, safe, and a cheap alternative, but be cautious from cyber crimes like hacking of accounts and duplicacy.