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BullionIndia gives e-commerce push to gold, silver sales

BullionIndia gives e-commerce push to gold, silver sales

Thu Aug 21, 2014

 

While Indian e-commerce space is buzzing with entry of eBays and Amazons of the world offering almost all kinds of retail products to online customers, retailing of gold and silver through online platform is set to leapfrog in coming days. BullionIndia.in, an arm of Mumbai-based bullion trading major RiddiSiddhi Bullions Limited (RSBL) plans to triple its bullion sales through e-commerce site during this fiscal.

 

Set up in October 2012, BullionIndia offers online gold and silver, which is deliverable in physical form at wholesale market prices. BullionIndia offers as low as 0.1 gm gold and 1 gm silver units that can be bought/sold online. These units are backed by exact quantities of physical gold or silver bought, which is kept in vaults monitored by an independent trustee. “Our prices are lower by about 8 per cent from other branded retailers or bank coins. We do not keep high margins, but we are eyeing high volumes,” said Ketan Kothari, Director, BullionIndia.in.

 

The purchased quantity reflects in the e-statement, while the physical gold remains in the vault of RSBL with zero storage fees. On delivery, the customer gets the bars/coins in tamper-proof packing with certification of purity.

For online purchase, the payment is made through online gateways like internet banking or debit cards.

 

The company achieved turnover of `. 50 crore for the year 2013-14, which Kothari expects to increase to `. 150 crore by the end of this fiscal. “The volumes will come from silver, while from gold we will have higher amount of turnover. While most of the transaction will take place through e-commerce, we also have empanelled brokers who will also offer physical gold if anyone prefers,” he said during a media interaction in Ahmedabad on Thursday.

 

“In Gujarat, we have set up delivery centers in Ahmedabad and Surat, for those who want to take physical delivery of gold. Alternatively, the customer can sell their holding online as well and encash their holding,” he said.

 

The company has also announced festive scheme of flat 2 per cent discount on gold/silver purchases during Diwali.

 

Source: http://www.thehindubusinessline.com/