Now, compare gold savings schemes online

Suresh P Iyengar  Mumbai | Updated on January 20, 2018

Going hi-tech The website lists all the monthly saving schemes of jewellers and allows one to deposit the money online every month.

BL22_IT_GOLD in talks with leading jewellers

Looking for the best monthly savings scheme with jewellers?

There is a surprise in store for you at, a first-of-its-kind aggregator of monthly gold saving schemes of leading jewellers.

The website launched by industry veteran Tejas Soni lists all the monthly saving schemes of jewellers and allows one to deposit the money online every month and that too without paying any convenience fee.

Interestingly, the business idea for Soni has emerged from home when his sister applied for half-a-day permission to visit the nearby jeweller to pay the monthly instalment of her saving scheme. “Working women, who find it difficult to take time out for  paying monthly instalment to jewellers, can remit it at the comfort of the home,” he said.

On the government efforts to discourage gold jewellery sales, Soni said the efforts are targeted at people diverting unaccounted money in gold.

“With no formal social security by way of pension in India, physical gold is the only metal that can fetch money even during mid-night,” he said.

The saving schemes with jewellers is estimated at ₹20,000 crore a month. Typically, customers pay a fixed amount for 10 months and the jeweller remits one instalment as bonus. The total amount can be used only to buy jewellery at the end of 11th month. Launched on pilot basis, Jewelrich has currently listed one of Maharashtra's leading jeweller Waman Hari Pethe and is in talks with leading jewellers such as Reliance Jewels, PN Gadgil Jewellers, Krishna Jewellers, Vaidya Jewellers, Lagu Bandhu Jewellers and Ghare Jewellers.

In a bid to ensure safety of customers money, Jewelrich intends to list only top 25 companies and 100 iconic brand, which includes jewellers who are in business for generations.

The website has already managed to attract interest of 168 people leading to monthly saving commitment of ₹68 lakh. As people pay monthly instalment it will be remitted to the jeweller from the nodal account and a commission of two per cent will be paid to Jewelrich.

This apart, jewellers have to sign a cheque of ₹50,000 for promoting their brand on website and yearly maintenance charge of ₹25,000 for listing on Jewelrich. If all goes well, Soni says he intends to attract jewellers and customers in Dubai by this year-end and then take the home-grown concept to the US.

Published on June 21, 2016

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