After jeans, buy gold on EMIs
Age | Chennai, Feb 4: If buying gold makes a hole in your pocket then there is a good news for you!
Jewellery firms are gearing up with attractive schemes to buy this obsession of buying gold in equated monthly installments (EMIs)
Says Mr L.K.S. Syed Ahmed, chief advisor to Tamil Nadu Jewellers’ Federation, "With the growth in income of middle class and increase in earning capacity of women — key factors behind this business — there is tremendous scope for gold EMI schemes in India."
Mr Syed Akbar said up to 10 per cent of the total jewellery sales are now happening on EMIs.
Under the EMI scheme, customers can park their funds with a jeweller on a monthly or quarterly basis and buy gold at the end of the EMI period. This is best suited for the middle class people who have a habit of saving small amount of money every month.
Mr Kuljeet Kataria, head-commodities, Motilal Oswal Financial Services Ltd, said that this is a systematic investment plan. This allows members to plan their expenditure in advance. "During the recession and at a time when the yellow metal touched the highest peak many customers chose this mode of buying gold," he said.
While these schemes have been around for some time, it was only when gold prices started soaring to the stratosphere.
There are several players in the market who offer such schemes.
Even the smaller shops have innovative ways to lure customers to buy gold. For instance, some give 10 per cent return, no service charges, special discounts and gifts.
Aangeetha Kandavel
Post new comment