CaratLane and PhonePe collaborate to streamline jewellery purchases with digital gold

Through this initiative, consumers who have invested in 24K digital gold on PhonePe with CaratLane can redeem it for jewellery of their choice at CaratLane

Mumbai: CaratLane has partnered with PhonePe to help consumers save and redeem their accumulated digital gold for jewellery. Consumers who have invested in 24K digital gold on PhonePe 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). This offer is valid till January 31, 2024.

Through this initiative, the company is also seeking to extend its brand purpose, #KhulKeKaroExpress, to millions of digital gold customers.

Avnish Anand, Chief Executive Officer, CaratLane, said, “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. 

“PhonePe already has a huge base of customers who are buying digital gold. This partnership can give those digital gold buyers an option to redeem that gold for beautiful jewellery. This is very similar to the digitisation of payments. We have seen how that has transformed consumer behaviour in this country. We are aiming to do something similar in the jewellery space,” Anand added, mentioning how PhonePe is another customer-centric brand focused on solving such problems at scale.

Customers can convert their digital gold into jewellery on CaratLane by visiting the brand’s retail or online store and selecting the jewellery of their choice. During the checkout, the digital gold can be redeemed by verifying their digital gold account. Lastly, the payment should be made with digital gold, either completely or partially for the jewellery.

Sonika Chandra, Chief Business Officer, Consumer Payments, PhonePe, said, “We are delighted to have partnered with CaratLane for this unique offering that will enable our consumers to enjoy the best of both worlds– the convenience of investing in Digital Gold and being able to redeem it for 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.”

Courtesy: storyboard18.com