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Source : IBEF

Alankit Imaginations Ltd. entered into a partnership with Digital Swiss Gold (DSG) on Wednesday, which would allow users to trade in gold digitally in Switzerland.

According to a statement, investors could become Digital Swiss Gold members in minutes by opening an account on an app and obtaining Swiss Gold digitally starting at 1 gram after completing the KYC process.

Alankit Imaginations is a division of Alankit, a company that specialises in financial and digital solutions.

Alankit Ltd. Managing Director, Mr. Ankit Agarwal said, “The Reserve Bank of India’s Liberalized Remittance Scheme allows individuals to purchase gold up to a maximum of US$ 2,50,000 every financial year.”

 

After completing the necessary formalities, a buyer can send gold to someone, and physical exchange of gold can occur after completing customs and other regulatory clearance, he said, adding that this is an opportunity to invest, and gold as an asset has offered a return of 10-12% over time.

According to the company, by acquiring gold directly from Swiss refineries and eliminating middlemen, they would be able to offer competitive and transparent pricing to their consumers, saving them up to 10% over posted Indian gold prices.

It added, “DSG’s gold is skilfully crafted to a fineness of 0.9999 and corresponds with the London Bullion Market Association (LBMA) gold bar standards. All transactions are permanently recorded on a private permissioned blockchain, and customers are given a digital warehouse receipt as well as a photo of the gold bar with a serial number. The bullion is monitored and held in Brink’s vaults in Zurich, Switzerland, which are fully insured non-bank vaults.”

Mr. Agarwal said, “Apart from all of these advantages, Alankit investors are expected to win gold and other incentives and discounts, invite a friend and get a reward, and receive a monthly newsletter from industry experts as a result of their affiliation with Digital Swiss Gold.”

Digital Swiss Gold’s Chief Executive Officer, Mr. Ashraf Rizvi said, “We want to make physical gold ownership more digital, mobile, and handy for customers while also saving them money. We aim to ensure that digital gold is included in the investment portfolios of people of all ages.”

He added, “Customers will be able to engage more of their hard-earned income in gold, the ultimate store of value, due to increased savings provided by Digital Swiss Gold.”