PhonePe, in collaboration with CaratLane, has introduced a groundbreaking initiative enabling consumers to save and redeem their accumulated Digital Gold for jewellery. This partnership aims to transform the way people acquire and gift everyday jewellery, merging CaratLane’s craftsmanship standards with PhonePe’s cutting-edge technology.
Exclusive Redemption Benefits for Consumers
Consumers who have invested in 24K Digital Gold on PhonePe, in partnership with CaratLane, can now redeem it for their preferred jewellery at CaratLane. Moreover, they can avail of up to 7% extra on the redemption amount, with varying percentages for different types of jewellery (7% for Diamond jewellery, 4% for Gold jewellery, and 2% for Gold coins). This limited-time offer is valid until January 31, 2024.
Digital Gold for Accessible Jewellery Ownership
This collaboration aims to make owning everyday jewellery more accessible for millions of people. The synergy between PhonePe’s Digital Gold saving feature and CaratLane’s extensive range of designs provides a seamless and convenient solution for consumers to plan and acquire jewellery.
Confluence of Craftsmanship and Cutting-Edge Technology
The strategic alliance leverages CaratLane’s renowned craftsmanship and PhonePe’s state-of-the-art technology to offer 99.99% purity-certified 24K Digital Gold. PhonePe boasts over 1 Crore customers from 19,000+ postal codes in India who have purchased high-purity 24K gold on the platform at transparent prices. The surge in Digital Gold transactions during the festive season indicates a growing awareness among consumers about the convenience of digital gold investments.
Wide Reach and Omni-Channel Presence
CaratLane, with its presence in over 100+ cities and 260+ stores across India, stands as the country’s leading omni-channel brand in the jewellery category. With 7000+ designs spanning various categories, CaratLane offers a diverse range of options for consumers to choose from.
Sonika Chandra, Chief Business Officer – Consumer Payments at 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. We are confident that this partnership will transform the way people invest in Gold.”
Avnish Anand, Chief Executive Officer at 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. 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. We are very excited about this. This is very similar to 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.”
Seamless Digital Gold to Jewellery Conversion Process
For consumers looking to convert their Digital Gold into jewelry at CaratLane, the process is straightforward:
- Step 1: Visit a retail or online store of CaratLane and choose your favorite 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.
This innovative initiative by PhonePe and CaratLane aims to redefine the intersection of technology and jewelry acquisition, providing consumers with a unique and rewarding experience.
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