Gold is a symbol of wealth, power, and prosperity, which reinforces its high status and perpetual demand. Buying gold is tough today due to its sky-high, unsustainable prices. Each day the prices of the precious metals keeps on increasing. Today it is so high that a common man only think of owning a part of it. Since my neice marriage in May this year, the prices of gold has soared by 20k (inr). Assuming it going beyond my purchasing power, I went to the local market to make some enquiries. While the rates at different store did surprises me, which is very unusual, there were ceratin scheme that the stores were offering to woo customers to invest in gold.
Initially, I went to enquire the cost of 5 grams and 10 grams of gold coin. Each of reputed jewellery store gave me different rates. They added making charges plus Good and Service Taxes on the value of the Gold. A non branded local store in the area offered me much lower rate for a 24 carat #Gold. But I doubted on the authenticity. When it is about investment, a customer always trust on the reputed store that assure 100% purity. Although gold products and jewellery were available with certified purity, the reputed branded store were alwsys favoured more.
After negotiating prices with no discounts offered by any store, I went on to enquire about any investing scheme and Tanishq - A brand of TATA group dealing in Gold jewellery and products explained me about their Golden Harvest Scheme
The Tanishq Golden Harvest Scheme is a 10-month gold savings plan that allows customers to save for jewelry purchases by making monthly payments. With each month purchases the corresponding weight of gold will keep on accumulating on my account. After 10 months of consistent payments, customers become eligible to redeem the paper gold into a jewellery of same weigh. The customer is also elligible for a special discount on the making charges which generslly carries from 5 % to 30% . The scheme helps customers accumulate gold every month to purchase a desired piece of jewelry after completion of 10 month. The enrollment to the scheme is available online or in stores.
How it Works :
A customer may sign up for the scheme at a Tanishq store or through their mobile apps.
The customer pay a fixed monthly installment for 10 months, buying corresponding unit of gold with each purchase.
The schheme is valid only for 10 months , you will get notification on your registered number upon competition.
After the tenure and making all payments, we can purchase Tanishq jewelry of same weigh that reflect on the statement.
The scheme does sounds lucrative to me, as it offers multiple benefit to small investors. While it does not require to make a lumpsum amount for gold purchases. It allows a flexible period of 20 days during the month to make the payment. So if you keep a track on the gold rates to buy in the dip you may accumulate more. Further, the store is offering discounts on the making charges. So when we end up redeeming the gold, the cost will be much lessor. As a Golden Harvest member, we may get additional benefits, such as discounts on future purchases or special offers.
Seeing the prices soaring like nothing for last couple of months, the scheme sounds good. If price drops, the customer accumulate more, and if the prices rises, the customer will get a piece of gold in easier way. Any person can enrollment f0r the scheme. The minimum amount is Rs.2000 and multiple there on.
In good faith - Peace!!
