110 Lakh Crores is greater than the GDP of Israel, Pakistan, Bhutan, Nepal, and Bangladesh combined. This is the value of ‘God’s Money’ - Gold we hold, and it is continuously growing. Gold has the potential to solve many of our nation’s problems.
When we speak about Gold monetisation, there aren’t many great options in sight in India. Indians are avid buyers of Gold; however, we are conditioned to buy and stock physical Gold, following our traditional generational practices. It is time we realise the true potential of Gold. Gold is much more than just a physical asset.
Gold is highly fluid, easy to manage, and the safest bet to put your money into. The constraint has always been Gold being perceived as a long-term saving that you break when a personal or national emergency comes.
Every crisis, such as the 9/11 attacks, the Covid-19 pandemic, the Ukraine wars, and now the US economic uncertainty, causes the value of Gold to rise, and people tend to use the accumulated Gold to stay afloat.
MyGold is introducing a 24x7 available “Complete Gold Ecosystem”, which will totally alter your perception of ‘God’s Money’ - Gold, as Gold now becomes your passive income generator!
This is a Pioneering effort to create a Gold ecosystem that monetises and mobilises Gold, making it possible to get short-term gains from your existing Gold on its organic growth along with a compounded interest per annum. MyGold is bringing a plethora of other features as well, which allow unbelievable fluidity and options in transacting with Gold.
Mr Amol Bansal is the visionary behind the brand, a highly experienced entrepreneur and business leader who has been in the Gems and Jewellery Industry for over 27 years.
He completed his schooling at The Scindia School and joined his family business ‘Brij Kishore Saraf Jewelers’ of Faizabad, as a Director in October 1995.
While working at B.K. Saraf ‘Jewellers’, he completed his Bachelor of Commerce degree with Honours in 1998 from the University of Lucknow and went on to pursue graduation in Gemology from the Gemology Institute of America to further enhance his knowledge base.
Amol as a director, has been successfully running B.K. Saraf and has been instrumental in expanding the business to the city of Nawabs, Lucknow.At the same time, he is also the franchise partner of Anytime Fitness and Farzi Cafe, which are a couple more thriving businesses under his belt.
He realised that almost every Indian owns some amount of Gold, and while it is immensely valuable, they are not empowered by it but often burdened by it, paying high vaulting charges, risking robbery at home, and struggling to safeguard their Gold.
While the value of their Gold grows continuously, they do not get to benefit from it. Schemes like GMS made an effort to monetise Idle Gold lying in Indian households, but either the negligible benefits or the cons weighed them down.
Even in the physical Gold trade sector, we are seeing a steep rise in unofficial trading (Approx 300 tones of Gold is unofficially imported into India per year, causing a loss of Rs. 30,000Cr p.a. To the government) which puts a dent in the authenticity of the said Gold.
This ironically connects back to the fact that we have very high demand (Gold imports surged 790% in 2022), and all the Gold that we buy once is hardly mobilised, causing higher demand, price hikes, and in the end, unofficial trade.
In 2021, Mr Amol began ideating the “MyGold app”, eventually gathering a team of 12 members and starting its execution. MyGold offers endless ‘Golden’ possibilities addressing several limitations with the present systems, enhancing adaptability, accessibility, and accountability in the realm of physical and digital Gold investments.
Digitalized Gold mostly doesn’t come with one-to-one ownership of physical Gold. Whereas MyGold has partnered with Authorized Custodians throughout India, who securely hold the physical Gold that backs the Digitalized Gold on the app. This does not incur any extra holding charges.
For the physical Gold holders, MyGold app offers a unique solution through its ‘Upload Gold’ feature. This allows the user to upload their Gold and earn regular benefits on the digitalised Gold while enjoying various services we will discuss about.
The user just needs to book an appointment on the app, and a Partner Verifier Van, well equipped with the latest technical devices, will visit the user at their doorstep to check purity, confer on value and collect their Gold, immediately handing over a ‘Custody Certificate’.
The Gold immediately begins showing in the user’s MyGold Bank. The uploaded Gold can be used to earn a monthly passive income ‘in Gold’ yielding from the organic growth of Gold and annually compounded interest, or to be redeemed through various features available on the app or physically and delivered back to their doorstep.
The app also allows the user to buy digitalised Gold; someone who wants to begin systematic saving can begin a Gold Saving Plan; the users can choose from the standard plans or customise their own.
Purchased Gold can be redeemed using various features to transact in Gold like shopping on E-com, Scan & Pay at local merchants, Gift Gold to your loved ones, bid Gold, Sell Gold, sell Gold for cash, and more.
Users can take out Fast Microloans on Gold, which entail no complex procedures or long waiting periods.
A unique and innovative feature that MyGold offers is “Sell & Reserve”. This comes in handy in case of an emergency, where the user needs some amount of cash in exchange for their Gold, but also wants to keep the Gold.
They can Sell the Gold while reserving its current price for a desired time period, for a nominal holding fee, and then buy back at the same price in the future!
The cash transfers into the user’s account immediately. None of these transactions require any extra documentation, waiting periods, or approvals.
MyGold app is built on Blockchain Technology; therefore, the app ensures swift transactions and utmost security and transparency, eliminating the possibility of any discrepancy.
The decentralised nature of Blockchain Technology eliminates the cyber risks and provides a greatly efficient system to secure and track data. It provides a clear record of track and trace of the supply chain.
Today Blockchain Technology is being used by all the major banks and payment networks among other industries like pharma, healthcare, oil, and more.
shares Mr Amol Bansal.
With innovative solutions, MyGold envisions a future where Gold is an accessible and versatile resource that positively impacts people’s lives while aiding the growth of the economy. MyGold is on a mission to empower people and the country and make India a “Sone ki Chidiya” again.
The MyGold app extends an invitation to merchants, businesses, and aspiring entrepreneurs to become partners and expand their customer base. By joining as partners, they can benefit from the app’s revenue channel and attractive partner benefits.
MyGold’s free SAAS (Software as a Service) platform enables merchants to easily upload their products and start selling through e-commerce. MyGold ensures a user-friendly and hassle-free experience for merchants making it easier to approach a wider audience.
The company is preparing to launch a beta version of the MyGold app in select regions of India, followed by a nationwide release in the near future. The app will be accessible on both Android and iOS platforms and will be offered in multiple Indian regional languages.
In the coming years, MyGold is dedicated to transforming the Indian Gold landscape with technological solutions and empowering individuals with ‘God’s Money: Gold’.
MyGold aspires to shape the future of Monetizing and Mobilizing Gold in India and catering to users evolving needs and preferences.