Predict your next investment

INTERNET | eCommerce / Jewelry
augmont.in

See what CB Insights has to offer

Founded Year

2009

About Augmont Gold

Augmont, an India-based bullion market and integrated entity from refining to retailing, has introduced a unique product which enables the retail customers to digitally purchase small quantities of gold and silver (for as low as Re.1) at wholesale prices. The purchased gold and silver is stored in a safe and secured vault on behalf of the customer and is monitored and controlled by an independent trustee. The customers can request for the physical delivery of gold and silver as per their convenience and the same is delivered at their doorstep. The customers can also sell it back to Augmont whenever they want. Augmont is in process to create an ecosystem wherein the gold stored in the vaults can earn additional income against adequate security and offer instant loans against the gold held in the vaults.

Augmont Gold Headquarter Location

Bullion House, 115 Tambakatta Lane Pydhonie

Mumbai, 400003,

India

09821479794

Latest Augmont Gold News

Jewellers sell Rs 100 gold online as Indians take to internet buys in Covid- Business Journal

Sep 29, 2021

Jewellers sell Rs 100 gold online as Indians take to internet buys in Covid- Business Journal By Jewelers in India have started selling gold for a little over $1 online after the pandemic upended sales, forcing them to reassess traditional ways of doing business. Sales crashed last year in the second-biggest consumer after a nationwide lockdown shuttered stores across the country. But it also led to a bump in India’s nascent market for online gold sales. That’s pushed jewelers such as Tata Group’s Tanishq, Kalyan Jewellers India Ltd., PC Jeweller Ltd. and Senco Gold and Diamonds to launch offers to sell gold for as little as 100 rupees ($1.35) either directly on their websites or through tie-ups with digital gold platforms. Consumers can take delivery once they have invested enough for at least 1 gram of gold. Digital gold sales aren’t new to India, with mobile wallets and platforms like Augmont Gold For All, and World Gold Council-backed SafeGold offering the product. Jewelers had so far shied away from selling such products online, restricting them to their stores as the bulk of purchases in India are still made in person. “Covid, obviously, has changed the mindset of a lot of jewelers and they have also been proactive in selling jewelry online. So this is just the extension of the whole mindset,” said Ketan Kothari, director at Augmont Gold, which has more than 4,000 jewelers as partners. Festive demand The jewelers have launched the offers just as the festive season begins in India, when gold demand peaks. Digital purchases are rising as more Indians warm up to buying via the internet. That, along with a more technology-friendly, younger generation of consumers is expected to boost the sector. “We have been witnessing a renewed interest among consumers, especially youngsters, who are looking to make systematic investments in the yellow metal,” according to Ramesh Kalyanaraman, executive director at Kalyan Jewellers. While online gold purchases, which includes the sale of ornaments on jewelers’ websites, accounted for only about 2% of the overall sales value in 2019, the bulk of these transactions were made by people under the age of 45, according to a World Gold Council report last year. A drop in gold prices has also boosted volumes on the platforms, said Gaurav Mathur, founder of SafeGold. said. People perceive the current gold prices to be low and they are more used to transacting digitally across categories and not just gold, he said. “Since February last year, we have seen a 200% rise in sales on our platform with most consumers snapping up coins and bars in the range of 3,000 to 4,000 rupees,” Augmont’s Kothari said. “During the pandemic, buying gold in the digital form has gained immense popularity and we expect sales to increase by 20%-30% this festive season compared with last year.” Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Digital Editor

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Augmont Gold Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Augmont Gold Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.