CaratLane collaborates with PhonePe to streamline jewellery purchases with Digital gold

CaratLane, India’s digitally native omni channel jewellery brand, 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 seven percent extra on redemption amount (seven percent for diamond jewellery, four percent for Gold jewellery, and two percent for Gold coins). This offer is valid till 31st January 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 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.”

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.”

Here’s how consumers can convert their digital gold into jewellery on CaratLane:

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