BlueStone and SafeGold Partner to Convert Household Gold into Digital Assets

Omnichannel jewelry retailer BlueStone has partnered with digital gold platform SafeGold to launch a gold monetization initiative. The service aims to convert household physical gold holdings into yield-bearing digital assets.

Under the new arrangement, consumers can deposit physical jewelry or coins at BlueStone retail stores. The gold will be assayed, melted, and credited as 24K digital gold on SafeGold's platform. Holders of this digital gold can then lease it to vetted jewelers as working capital, earning an annual yield of approximately 4% denominated in gold grams.

The initiative aims to bring an estimated 30,000 tonnes of unmonetized gold held in domestic households and bank lockers back into the manufacturing ecosystem. This move is intended to mainstream gold monetization, supply domestic jewelers with working capital, and reduce India's reliance on gold imports.

"We are 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 allows customers to grow their gold holdings not just in value, but also in grams," said SafeGold's founder Gaurav Mathur.

The popularity of digital gold has grown with the rise of UPI and instant digital payments, alongside increasing yellow metal prices. Digital gold can be purchased in small denominations without storage concerns.