Variety

C Krishniah Chetty Group of Jewellers launches Paper Gold scheme

| Updated on August 07, 2020 Published on August 07, 2020

C Vinod Hayagriv

Bengaluru, August 7

C Krishniah Chetty Group of Jewellers (CKC), a 150-year-old brand, has unveiled a ‘unique and novel’ scheme of Paper Gold on the occasion of Varamahalakshmi Pooja and Raksha Bandhan.

Under this scheme, customers can book 22k gold in denominations starting from 5gm, 10gm, 50gm up to 1,000 gm. Gold bookings can be redeemed for gold or diamond jewellery of the same or more weight within 11 months. Under this plan, a customer can avail himself/herself of booking rate or delivery date rate, whichever is lower.

Additionally, understanding the uncertain situation and to help customers in the wake of the economic slowdown, if the customer so wishes to withdraw from the programme within 11 months, CKC will refund the paid amounts at the then prevailing rates under its normal buy back policy.

Since silver has proven to be amongst the best asset globally, CKC has also launched Paper Silver, which is available for booking in fixed quantities from as little as 500 gm up to 20 kg, that is, from ₹25,000 up to ₹10 lakh. This booking can be used within 11 months from date of purchase to exchange for Silverware at CKC showrooms or from the website www.ckcjewellers.com.

“We did a soft launch of Paper Gold during Akshaya Tritiya on April 26. The idea was to give customers the opportunity to book gold when they require to buy it. The plan was to continue the scheme till June end. But, since we received a very positive response to the scheme, we decided to launch it formally on July 31 on Varamahalakshmi Pooja day and will take bookings for Paper Gold and Paper Silver till Diwali. My goal is to reduce customers’ cost of ownership of jewellery,” said C Vinod Hayagriv, Managing Director, C Krishniah Chetty Group of Jewellers. CKC has 6 showrooms in Bengaluru.

In the last one week, CKC received over 300 Paper Gold bookings from Bengaluru and 10 other cities from across the country. This is in addition to the 100 bookings received since Paper Gold was soft launched in April.

“Paper Gold has been very well received. It helps customers own the gold without physically having possession but convertible to jewellery or taking the money back at prevailing rates and with a buying/selling price difference. It gives customers peace of mind as they are saved from the risk and tension of mandatorily buying jewellery as cancelling the booking is an option we provide them with. Even the Government’s Gold Bonds have a lock in period of 8 years,” he said.

Recent news reports have estimated that gold would hit ₹55,000 per 10 gm by December, while some commodity experts predict gold will touch ₹80,000 per 10 gm by the end of 2021. It is also being reported that gold will crash. “While nothing is certain, one established view is that gold has withstood all calamities with sterling results in the long run. Paper Gold seems to be the perfect hedge against the rising or falling price of gold,” observed Hayagriv.

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Published on August 07, 2020
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