Guinea Gold Jewellers Pvt Ltd. has started its gold saving scheme in order to help its customers store gold for the future. The members of this scheme have to sign a contract with the jewellers of their choice. The contract will be for 11 months and the scheme will be continued for 12 months i.e., a year, where the clients can put minimum INR 1000 to more. At the end of the scheme, they will get a certain amount of gold that they have stored for these 11 months. In the last month, at the time of the 12th installment, the jewellers offer the equivalent amount as a discount on the acquirement of the ornament.
The trend of the gold saving scheme has been prevailing on Bengal since a decade. But a couple of years ago, people weren’t aware of it. The awareness is still gradually progressing, in the meantime, people are putting their money into that scheme.
What is it actually?
There were numerous gold schemes, discounts and offers in the market before the G.S.S came. All the jewellers delivered offers of their own. These offers were helpful, but their authentication wasn’t clarified. So, if any kind of issue came up ever, the clients had no place to ask.
After G.S.S was introduced, this problem was solved. Most of the jewellers have a clear declaration of the terms and conditions of the schemes, generally put on the websites, which provides the clients with a clear notion of the scheme where they are going to invest their money.
In certain circumstances, people have to purchase massive amounts of ornaments which are not so easy for the middle-class people or for people with financial limitations. These people can invest a small amount of money, on the basis of which gold will be stored in their scheme account. The gold is measured on the basis of the gold value of that particular month or day. This scheme must be continued for 11 months. As an addition, the jewellers will provide a discount of the similar amount of instalment money in the last month.
This scheme is helpful for a long term investment. Also, if anyone wants to purchase a huge amount of gold at a time, they can afford it in this way. Basically, for the wedding, festival or grand occasion purpose, the scheme is purchased. Today, with more people coming onwards, the demand for this scheme is increasing leap and frog.
No matter, which jewellers you choose, the terms and conditions are more or less the same everywhere. Like other offers and discounts, the gold saving scheme has a few disadvantages too.
1. This scheme is for a year, so if you’re planning for an immediate purchase, don’t look out for it.
2. Most of the jewellers offer minimum INR 1000 as the installment money, which is also not a small amount for many.
3. You can’t store a particular amount of gold. Gold will be stored on the basis of the measurement of the current gold value.
4. You can’t invest on a particular ornament or jewellery set. You have to obtain or order from the gold that has been stored in your scheme.
A few suggestions that the consumers should keep in mind before taking the scheme.
1. Always read the terms and conditions fully and thoroughly.
2. If any point is unclear, ask the jewellers to explain prior taking the scheme.