Digital Gold's Convenient but Unregulated Rise in India

Digital gold purchases surged in 2026, but the product remains unregulated by SEBI. In January 2026, digital-gold purchases through UPI reached Rs. 3,926 crore across 219 million transactions, with more than 90% of such purchases coming through UPI.

The wider digital-gold market now stands at an estimated Rs. 7,000 crore. The growth shows a clear change in how retail buyers access gold, as physical coins and jewellery no longer hold the only appeal.

However, convenience does not mean that digital gold carries the same safeguards as a regulated investment product. The biggest risk for buyers is regulation, as SEBI warned the public that digital gold and e-gold products offered through online platforms do not fall under its regulatory framework.