Digital payments company PhonePe and jewellery brand CaratLane on Monday announced their partnership to enable consumers to purchase jewellery by redeeming their accumulated Digital Gold.
“Consumers who have invested in 24K Digital Gold on PhonePe in partnership with CaratLane can redeem it for a jewellery of their choice at CaratLane and can also avail up to 7% extra on redemption amount (7% for Diamond jewellery, 4% for Gold jewellery, and 2% for Gold coins),” the companies said in a joint press release.
The above said offer is valid till the end of this month.
This strategic alliance aims to revolutionise the way people acquire and gift beautiful everyday jewellery.
“Gold Savings is one of the key investment options for customers in India, and we have seen a strong inclination towards Digital Gold investment on our platform in the last few years. We are confident that this partnership will transform the way people invest in Gold,” said Sonika Chandra, Chief Business Officer – Consumer Payments at PhonePe.
Avnish Anand, Chief Executive Officer at CaratLane finds that this initiative is very similar to digitisation of payments.
“The whole point of building the Digital Gold business is to provide a simpler cost-effective solution to consumers who buy and gift gold for future jewellery purchases. Today most such customers buy gold coins. This strategic partnership with PhonePe is a crucial step in making that happen,” said Anand.
PhonePe and CaratLane have also said that they offer 99.99 per cent purity-certified 24K Digital Gold through this partnership.
How to buy jewellery using your digital gold
PhonePe Digital Gold customers who have invested through CaratLane can exchange their gold balance for exquisite everyday jewellery at any of CaratLane’s stores. This can be done either online or through CaratLane’s CL Live and Try At Home services.
Steps to convert your Digital Gold into jewellery on CaratLane:
Step 1: Visit a Retail or online store of CaratLane and choose your favourite jewellery
Step 2: At checkout, redeem Digital Gold by verifying your Digital Gold Account
Step 3: Complete payment fully or partially for the jewellery with Digital Gold
