Gold plan from Shilpa Shetty’s firm

Satyug Gold, a firm promoted by actor Shilpa Shetty and her husband Raj Kundra, has launched a gold systematic accumulation plan called Satyug Mera Gold, wherein customers can buy gold for ₹50 a day.

The company has tied up with IDBI Trusteeship Services, a joint venture promoted by IDBI Bank, LIC, GIC and Karvy Computershare, to process investor applications. Brinks India will provide logistics and vault services.

Customers can enrol through the company’s website or visit any of the 450 Karvy branches located in 400 locations across the country.

Gold coins of 24k with 999-purity of various denominations are available for sale. The monthly instalment can range from one to five years.

Satyug Gold CEO Kundra said the company will offer gold at a price lower than the top five leading jewellers and banks, as it sources the metal directly from miners in South Africa, Peru and Ghana. The bullion is processed at the company’s refinery at Navi Mumbai.

“We do not charge any processing charges or making charges except for the tax levied by the Government,” he said.

He added that customers tend to lose out in similar schemes run by jewellers, as they have the option only to redeem their savings in the form of gold, as gold jewellery.

Once they opt for this facility then a host of fees including making charges and wastage kicks in and there is no transparency on how these cost are fixed, he added.

The Satyug revenue model depends on sourcing gold at a lower price, rather than burdening the customers with various charges, said Kundra.

On the ₹25-crore recovery claim by the Indian Bullion and Jewellers Association for violating the joint venture agreement, Kundra said the issue has been settled amicably.

COMMENT NOW