By Priyanka Sambhav
Gold has always been one of the most sought after purchase for Indian household. Gold brings wealth and is considered auspicious. The two main occasions when we buy gold is Akshaya Tritya and Dhanteras. Apart from these two times, significant family events like marriage, the birth of a child and ‘mundan’ always lead to gold buying. The affordability of gold is one aspect which holds people back. But this gets taken care by instalment based jewellery buying schemes run by various jewellers.
You don’t want to buy gold only when the D-day arrives but want to accumulate it slow and steady, and jewellery buying schemes do that for you. The investor contributes a fixed amount every month in jewellery buying scheme and redeems it in the form of jewellery after the end of 12th month that too, with a benefit. The jeweller gives the advantage after you pay the instalment for a certain period. Many jewellers offer to pay the 12th instalment on your behalf after you finish paying 11 instalments or it could be some discount on the purchase of jewellery.
Though now the trend of paying one instalment on behalf of the consumer is almost stopped and it has taken shape of discounts. The minimum value of monthly instalment is Rs 1000, and it could go up to any amount, but it has to be in the multiples of 1000. The cost of gold will depend on the gold price on the day of purchase.
The tenure of the scheme varies from jeweller to jeweller, and it could be of 6, 9, 12 or 15-month plan. Once the term of the plan is over the consumer can make a purchase equivalent to that amount which he/she has accumulated. If the article bought is priced more than the amount that you have invested, then you need to pay the difference. You will be required to pay the applicable GST as well.
Here are details of 3 such jewellery schemes.
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Tanishq Golden Harvest Scheme
You can open a Tanishq Golden Harvest account with a 10-month deposit of Rs 2000. After ten months at the time of redemption, Tanishq will give a discount of up to 75% on your 1st paid instalment. If you pay Rs 2000 for 10 months, you will accumulate Rs 20,000, and with Tanishq scheme you would be able to buy jewellery worth Rs 21, 500. Tanishq’s website has a benefits calculator which explains the plan. If your pocket allows you can opt for a higher instalment amount and calculate the benefit on Tanishq’s website.
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Jos Allukas Easy Buy Gold Purchase Plan
Jos Allukas scheme is a systematic investment plan. You will pay 12 instalments, and at the end of one year, you can redeem this and make a purchase. The instalment amount is in the range of Rs 1000, Rs 2000 or Rs 5000.
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TBZ’s Kalpavruksha Easy Pay Plan
This is an instalment plan which allows you to buy gold, diamond or semi-precious stone jewellery. TBZ’s scheme tenure varies from 9 months to 15 months. But as the term gets over one needs to purchase within 30 days of the expiry of the scheme.
All the jewellers allow online payment of the instalment and once the tenure of the scheme starts then you cant change the amount of the instalment.
