Digital gold firm SafeGold plans metal leasing for India's jewellers

Small, often family-run businesses account for about 65% of the world's second biggest jewellery market, the WGC said in a report Wednesday

After giving Indians the option to buy gold online for as little as Rs 10 (12 cents), digital gold provider SafeGold is planning to let its customers lease their metal to credit-starved small jewellers.

The World Gold Council-backed firm wants jewellers to be able to borrow metal owned by some of its 14 million active users and sitting idle in vaults, founder Gaurav Mathur said in an interview. The gold would be returned later, with a fee.

“This will be the non-banking finance company equivalent of metal leasing and fits into government policy of reducing imports by utilizing idle gold and also