CaratLane partners with PhonePe, customers can exchange digital gold for jewellery

Omni-channel gold jewellery brand CaratLane has joined forces with digital payments business PhonePe. Customers who invest in ‘24K Digital Gold’ on PhonePe with CaratLane will be able to exchange it for their own choice of jewellery from CaratLane. 

“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,” said CaratLane’ CEO Avnish Anand in a press release. “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. PhonePe is another customer centric brand which is focused on solving such problems at scale. We feel that we can combine our capabilities and provide a wonderful experience and great value to such consumers.”
 
Through the partnership, PhonePe and CaratLane offer 99.99% purity-certified 24K Digital Gold. The service is designed to enable shoppers to invest from the comfort of their own homes, without security or logistics concerns, according to the businesses. Digital gold can be exchanged for gold jewellery across CaratLane’s over 260 India stores and its e-commerce store. 

“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,” said PhonePe’s chief business officer for consumer payments Sonika Chandra. “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.”