Thinking about starting a digital gold app in India is this actually a business?
I have been looking into the digital gold space in India and noticed there are only a few major players like Augmont and SafeGold, while apps like Jar, Gulak, etc. seem to work with partners and take a commission.
I'm thinking about building a new digital gold platform.
My Idea is actually in jewellery retail, but I don't have a big showroom or huge inventory. If a customer orders a design, I can source and make it when needed.
The idea is similar to digital gold - customers could buy/sell small amounts whenever they want. For selling, I'm also wondering if there's a way to offer trade/exchange instead of making the customer take the full buy-sell spread.
For sourcing, I'm thinking of buying from bullion suppliers, getting it refined and minted, and holding the corresponding gold.
I'm still at the idea stage, so I want some honest opinions from people who understand the jewellery and gold business.
Does this sound like a real business opportunity, or am I overthinking a random idea? What am I missing?