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.

— FiledFri, 15 May, 2026, 06:15 IST·First seen Fri, 15 May, 2026, 06:14 IST·Source Mint · Markets

What happened

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

Key facts

  • 100 milligrams to 1 kilogram
  • 999 purity
  • 5% intraday swings
  • 75 cities
  • 3% GST
  • 40-50 basis points
  • $25 billion Q1FY26 gold demand
  • 122% MCX gold price rise over two years
  • gold import duty raised from 6% to 15%

Why this matters

Scout bolt-on targets in regional branded jewellery, vaulting infrastructure and last-mile gold logistics now, before NSE- and Dhan-backed hybrid platforms force valuations up on any sign of conversion-cost relief.