NSE's EGR and Dhan's gold vault enter retail, but branded jewellers keep eating share
New regulated digital gold products from NSE and Dhan promise 999 purity and physical delivery from 100mg to 1kg across 75 cities. Yet 3% GST, 40-50bps conversion costs and limited vault access blunt appeal. With Q1FY26 gold demand at $25B and MCX prices up 122% in two years, branded jewellers — not hybrid products — are capturing the retail wallet.
NSE's Electronic Gold Receipts and Dhan's gold vault offer regulated digital gold with physical delivery, but GST, limited vault access and conversion costs mean branded jewellers keep gaining share; ETFs remain better for pure investment exposure.