Gold has always been an integral part of Indian homes and to tap on this, e-commerce giant Amazon has launched Gold Vault in India. It’s a digital gold vault where you can buy and sell gold digitally at ease, without actually having to physically own the yellow metal. You can also take delivery of 24K physical gold from Amazon Gold Vault.
One can buy 24 Karat Gold of 995 purity (99.5% pure) as low as Rs 5 or 0.0009gm from Amazon Gold Vault. Whenever you buy virtual gold on Amazon, SafeGold keeps an equivalent weight of physical gold in a secure vault. You could also sell gold from your Gold Vault, and the amount as cash will be credited directly to your bank account. You can also take delivery of 24k physical gold, which will be safely delivered to your home address (this feature is not currently live).
You can access the Gold Vault under the insurance section in Amazon Pay on the Amazon app. It will have information regarding the current gold purchase rate and selling rate, which gets updated every 5 minutes.
Amazon India Gold Vault Features
- Buy, sell or take delivery of 24 Karat Gold of 995 purity (99.5% pure).
- Buy Gold as low as Rs 5 or 0.0009gm and can be bought at any time 24/7.
- Gold in your vault can be sold any time giving you immediate liquidity (cash is directly credited to your bank account).
- Gold rates are linked to the wholesale market rate. Thus there is no city/geographical price differentials or making charges included.
- Every purchase of Gold is placed in a secure vault backed by a Government-regulated security trustee.
- You can use Credit and Debit Cards, Net banking and UPI to buy Digital Gold. Currently, Amazon Pay balance or Gift card balance and EMI transactions are not allowed.
- There is a maximum limit of 2g for non-KYC Amazon users.
Amazon India has partnered with SafeGold for its Gold Vault. SafeGold is the retail brand on Digital Gold India Pvt Limited, which is an institutionally backed company, primarily owned by Invent Advisors Private Limited (Invent). The World Gold Council (India) Private Limited, along with numerous other investor funds, hold minority stakes in the Company.
Amazon Gold Vault is the second product launch by Amazon India in less than a week. The e-commerce major has recently launched Amazon Pharmacy, which allows customers to order prescription medication, home medical supplies, supplements, ayurvedic medicines and healthcare devices, among others.