Under this scheme, you can pay a pre-fixed amount every month for a fixed tenure of 11 months. At the end of the eleventh month, you will be eligible for a special discount or the jeweller will put in one instalment from his side and you can purchase jewellery of your choice for the amount deposited under the scheme from the jeweller. These schemes are offered by many jewellers across the country.

How does it work?

• Scheme:
  The Jewellery Purchase Scheme will allow you to plan your jewellery purchase over a period of time. You can enroll into a scheme for 12 months where in you pay for 11 months and the jeweller will add the last instalment amount or offer some discount to the consumer. In the twelfth month you can go ahead and buy any gold jewellery piece of your choice as per the amount collected. Under this scheme the minimum instalment value is Rs.1,000 or Rs.2,000 (depends on the jeweller) and it can increase to any amount as long as it is in multiples of Rs 1,000. The amount of gold you get depends on the gold price on the day of redemption.

• Tenure and purity:
  Jewellers have schemes running for periods of 6, 12 or 15 months, and the gold can be redeemed one month after the completion of the scheme in the form of jewellery from that particular jewellery retail store. The gold jewellery normally purchased is of either 18 karat or 22 karat. You should purchase jewellery which is hallmarked by the Bureau of Indian Standards (BIS).

• Enrolment:
  You can fill a pre-printed application form at the jewellery store and provide your identification proof along with the completed form. The first instalment is normally paid at the store with cash or card and subsequent instalments are either paid through cheques or by making a direct debit from your bank account.

Is it for me?This is a great scheme for those who don’t want to shell out a large amount of money at once to make a big purchase and still want to be able to buy jewellery that befits a special occasion. This scheme is a systematic plan whereby your small saving every month will allow you to buy what you want at the end of the year.

Read below to see what else it can do for you:

• Not only can you plan your jewellery purchases much in advance, you can get them at a discounted price.
• You can use this scheme to plan for many special events – jewellery for your wife’s or daughter’s next birthday, or a surprise gift for your loved ones or for your next wedding anniversary, or a jewellery purchase for the next important festival.
• The amount of gold you get depends on the gold price on the day of redemption.
• If you find a gold jewellery purchase difficult due to budget constraints, the gold jewellery purchase scheme allows you to collect money at a jeweller wherein at the end of tenure you can purchase the jewellery that fits your budget as you have saved the money over a period of time.

How do I redeem it?
On maturity of your Jewellery Purchase Scheme you can buy either 18 karat gold or 22 karat gold jewellery from the retailer. Most of the jewellers do not allow purchase of gold coins and bars under the scheme. Any applicable taxes like VAT will have to be borne by you at the time of jewellery redemption.

In case the bill amount exceeds the eligible amount, additional value will need to be paid by you to take the delivery of jewellery piece. You can make the purchase only with the jewellery store that you are enrolled with for the scheme. Under no circumstances is cash refunded by the jeweller.