SafeGold has announced a partnership with jewellery retailer BlueStone to introduce a physical-to-digital gold conversion service, allowing customers to convert their idle gold jewellery and coins into digital gold while earning returns on their holdings. The companies say the initiative is designed to unlock the economic value of dormant household gold while reducing the jewellery industry’s dependence on imported gold.
With the launch, SafeGold has expanded its digital gold offering to include physical gold that customers already own. Under the programme, individuals can bring old or unused gold jewellery or coins to participating BlueStone outlets, where the gold will be collected, assayed and digitised through SafeGold’s platform.
Once digitised, the gold can be leased, allowing customers to earn an annual yield of approximately 4%, paid in gold grams instead of cash. According to the companies, this enables consumers to increase the quantity of gold they own over time, regardless of fluctuations in gold prices.
The initiative is expected to deliver multiple benefits, including reducing India’s reliance on gold imports by enabling jewellers to use domestically mobilised gold, generating returns on otherwise idle household assets, and improving capital availability for the jewellery sector.
Commenting on the launch, Gaurav Mathur, Founder and CEO, SafeGold, said “India is sitting on one of the largest reserves of idle household gold in the world, yet most of it earns nothing for its owners. Converting physical gold to digital gold changes that -for the first time, someone with jewellery sitting in a locker can watch their gold grow not just in value, but in grams. Our partnership with BlueStone is the first step in making this mainstream and making a dent in India’s gold imports.”
Gaurav Kushwaha, Founder and CEO, BlueStone, added “We have always believed gold should be active, not idle. This partnership leverages our wide retail network to collect domestic old gold while offering customers a transparent way to participate in the jewellery supply chain. It is a model that works for everyone.”
According to SafeGold, India is estimated to hold nearly 30,000 tonnes of idle household gold, making it one of the world’s largest reserves of privately owned gold. Much of this remains locked away in homes and bank lockers without generating any financial returns.
FAQs
- What is the SafeGold and BlueStone partnership?
SafeGold and BlueStone have partnered to allow customers to convert their physical gold into digital gold, enabling them to earn returns while helping increase the use of domestically sourced gold in the jewellery industry. - How does the physical-to-digital gold conversion work?
Customers can bring their old gold jewellery or coins to participating BlueStone stores, where the gold is assayed and digitised through SafeGold’s platform. The digitised gold can then be leased to earn returns. - What returns can customers earn through the programme?
Customers can earn an annual yield of approximately 4%, with returns paid in gold grams rather than cash, helping them increase their gold holdings over time. - Why is this partnership significant for India?
The initiative aims to mobilise India’s large stock of idle household gold, reduce dependence on imported gold, generate income for consumers and improve capital availability for the jewellery sector. - What is SafeGold’s long-term vision?
SafeGold aims to build a comprehensive digital gold ecosystem that enables consumers to buy, store, grow, monetise and sell gold through a single trusted platform.
