3 Gold schemes offered by jewellers and how they work

Have you ever heard of gold schemes offered by jewellers? And is it a smart way to buy gold?


There is no doubting that Indians love gold and just about anything that comes in gold. Whether it is a marriage or the birth of a child, most of our celebrations involve buying and gifting gold. In fact, many gold jewellers understand the importance that gold plays in our lives, which is why they offer different gold schemes to make the buying process more affordable customers. Here are some gold schemes that can make buying gold easy and affordable for you.

1. Tanishq Golden Harvest Scheme

The Gold Harvest Scheme (GHS) is a gold savings scheme offered by Tanishq Jewellers. Under this scheme:

  • You can buy pure 22k gold jewellery from any Tanishq showroom across India
  • You have to invest a certain amount every month, for 11 months
  • The last installment, i.e. the 12th installment is paid by Tanishq

Enrolling in this scheme is simple, especially because you can enrol at any Tanishq showroom across India, or you can enrol in it online. Once you register online for GHS, you will have to fill in few details of the scheme and pay your first installment. From then on, you can pay every installment online.

Related: How can gold be a good investment for a working woman?

Remember, that once you’ve paid the first installment, you cannot change either the scheme or the installment amount; especially if you opted for the scheme where Tanishq pays your last installment.

An additional benefit of this Tanishq scheme is that when your scheme ends, you can club the monetary benefits (or returns received from such schemes) you receive with any other scheme that is active at the time.

Related: Gold, Platinum, Silver: How precious are these metals? [Infographic]

What happens if you miss paying an installment?


It is strongly advised you pay the missed installment within 3 days of the due date. Failing to do so will result in your discount being reduced according to the number of days you delayed the payment. You can also liquidate the accumulated amount if you want. However, you will lose out on the discount on making charges or on issue price if you liquidate it before maturity. When opening this account, you are also required to provide nominee details in case of an early demise.

Note: Gold coins cannot be purchased under this scheme.

2. Malabar Gold & Diamonds Smart Buy Scheme

If you want to save money even while buying gold jewellery, the Malabar Gold & Diamonds Smart Buy Scheme might suit your needs. Under this scheme you get:

  • Attractive discounts
  • Only BIS Hallmarked 916 Gold
  • Free maintenance of your gold for life
  • Free insurance for a year and a buyback guarantee

With this scheme, you can buy gold jewellery online whether it is in stock or not. You are also offered a ‘Smart Buy’ option, where you have to make advance payments for any jewellery you choose.

It is important to note that under this scheme, you can only buy products that do not need resizing – necklaces, tanmaniya, nose pin, and pendants. To buy products which differ in sizes like, bangles, chains, bracelets, and rings, you have to opt for the ‘Smart buy + Customize’ option.

Related: Global investment in Gold ETF [Infographic]

Note: The price of the gold jewellery shown to you is only an estimate, and varies slightly based on the weight of the final product. Similarly, the discount you are eligible for varies depending on the product you choose.

Related: Will India lose interest in Gold?

Prince Jewel Plus

The Prince Jewel Plus gold scheme is offered by Prince Jewellery. Through this scheme:

  • You can save on installments and use the money to buy gold at a future date. This makes it ideal if you want to buy gold at a later date
  • You have to make 11 monthly installments. An installment must be of minimum Rs. 1000 and can be in multiples of Rs. 500 later
  • After making the first installment, it is mandatory to make all the next installments within 11 months

Once you decide to buy jewellery, you will not have to pay any additional amount. You also have the choice to make payments online or at a Prince Jewellery showroom.

Note: You cannot change the installment amount once the first payment is made. If you default on any installments, you will no longer be eligible for the benefits of ‘No Additional Charges’ when purchasing gold.

Related: Buying gold? 5 things to check before you buy

Keeping in mind the rising trend of gold prices, if you are considering buying gold in the future, opting for one of these schemes might be a more affordable way to go about your purchase.

Disclaimer: This article is intended for general information purposes only and should not be construed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.

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