Gold schemes offered by jewellers: Tanishq Golden Harvest Scheme, Malabar Gold & Diamonds Smart Buy Scheme

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. 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 for customers.

Here are some of the best 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 must invest a certain amount every month, for 10 months. Minimum instalment value of INR 2000, up to any amount in multiples of INR 1000 (source Tanishq).
• The last instalment, i.e. the 12th instalment is paid by Tanishq
• A special discount of  up to 75% of one instalment value, following the 10 month period.

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

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

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

An additional benefit of this Tanishq gold saving 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. No TDS applicable on your GH discount.

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

What happens if you miss paying an instalment? 

It is strongly advised you pay the missed instalment within a grace period of 7 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 gold scheme.

2. Jos Alukkas’ Easy Buy Gold Purchase Plan 

Jos Alukkas has a gold monthly scheme, which makes buying gold easy. Under this gold scheme, you have to pay a monthly instalment of Rs 1000 to Rs 1 lakh. The duration of this gold saving scheme is 360 days. After completion of a year, you can use the money saved to buy jewellery of your choice. 

This gold scheme allows you to:

• Buy pure 22K gold jewellery
• You can buy jewellery from both Jos Alukka online stores as well as showrooms 

Note: You can buy any gold jewellery you want 30 days after the last instalment, but not before completion of 360 days.

3. 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 gold saving 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 gold scheme, you can buy gold jewellery online, whether it is in stock or not. You are 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 gold 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 + Customise’ option.

Related: Global investment in Gold ETF 

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. You can use the Malabar Gold & Diamonds gift voucher along with Make To Order discount.

Related: Will India lose interest in Gold?

4. Prince Jewel Plus

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

• You can save on instalments and use the money to buy gold at a future date
• You have to make 11 monthly instalments. The first instalment must be of minimum Rs. 1000
• After making the first instalment, it is mandatory to make all the next instalments 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 in this gold investment scheme.

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

5. GRT Golden Eleven Flexi Plan

In this gold investment scheme, you can start investing from Rs 500. The GRT Golden Eleven Flexi Plan as the name suggests is for 11 months. 

There are two options available under this gold scheme:

• Gold value 
• Gold weight

In the gold value option, you have to pay a fixed amount every month and as per the gold rate of that day, gold will be credited to your GRT account.

In the gold weight option, you purchase gold as per the price on a monthly basis. You can choose to buy 1 gm/ 2 gm / 5 gm per month as per your convenience.

You can use the collected gold at the end of the 11th month under both options to buy jewellery. The jeweller issues a passbook so you can easily track your gold savings and payments made. 

Note: You should check the price of gold every month before you make a purchase as there is no specific date in a month you need to pay an instalment. Buy gold when the rate is down to maximise benefits.

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

Keeping in mind the rising gold prices, opting for one of these gold schemes is a more prudent and economical way of increasing your gold assets.

Gold has long been seen as a traditional haven, a preferred currency, a store of wealth, and a hedge against inflation. As a result, you cannot avoid including it in your investment portfolio. Gold is essentially an asset that is used to offset the risk of other asset types. Consider it a portfolio diversifier as well as a monetary investment (rather than a mere commodity). Remember that gold can help to minimise overall risk in your portfolio, especially during times of uncertainty. Read this Premium Article to understand gold trends over 20 years and become a smart gold buyer.

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.