Leading jewellery retailer, Tribhovandas Bhimji Zaveri (TBZ), has launched a new gold plan for consumers. If a customer purchases 100gm of gold (24kt fine/standard) from TBZ and places it under their ‘Gold Plan’, he/she will get 105gm of gold after 12 months. Consumers can place a minimum of 10gm of gold coins and bars and thereafter, in multiples of 5gm up to an overall maximum of 500gm.
“People buy gold and keep it in the locker. Over the period, the value of gold may appreciate but it does not grow in grammage. Through our Gold Plan, people increase their gold holding,” said TBZ. A few years ago, a smaller jeweller in Mumbai, like Jagannath Gangaram Pednekar, was offering 7.5% compared to 5% of TBZ. So, one could get 107.5gm after 12 months of keeping 100gm gold. Under the scheme, one is really lending money to the jeweller which he may invest anywhere and, there is a risk in such investment—a default by the jeweller.
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