A gold rush of sorts is being witnessed not just in the brick-and-mortar jewellery stores, but also with online players. Sales at Caratlane.com, Bluestone.com and Snapdeal have trebled, ever since gold prices plummeted to Rs 25,000 for 10 gram last week.
Calvin John, Vice-President, Caratlane.com, said there has been a spurt in demand following the crash from the lofty Rs 33,000 per 10 gram level. “We have witnessed a triple growth in sales, while on a per day basis the spike is almost nine times as against any other regular day,” he added.
He added that the online store had witnessed equal number of sales of jewellery and gold coins, with an average ticket size of Rs 25,000 per item and Rs 33,000 per coin.
The five-year-old online jewellery player has been doubling its sales since its launch. On an average, the company registers 1,600 transactions per month, he said.
For Snapdeal, gold coins have witnessed maximum sales. The company’s Vice-President Amit Maheshwari said sales are likely to go up further till Akshaya Tritiya.
Gaurav Singh Khushwaha, Founder of Bluestone.com, said the portal has witnessed 60-80 per cent increase in sales. The firm has been selling 4,500-5,000 pieces a month, with an average ticket size of Rs 10,000-15,000 per item per person.
However, he said that buying of gold online is still very small, at just 2 per cent, and mostly comprises metro customers.
“People tend to buy online for exclusive designs,” Khuswaha said. The company is launching a television campaign for Akshaya Tritiya.
To ensure security, all the money transactions are conducted through cards rather than cash.
Other portals selling gold online are Ebay, Indiatimes and fashion retailers such as fashionandyou, among others. Most of these players have tied up with third party agencies such as GIA, HRD, AGS and IGI for certification and authenticity of their products.