To combat the soaring gold price, jewellery companies have come up with innovative strategies to protect gold from volatile fluctuations. In a bid to help their customers combat unwanted gold rate fluctuations, various jewellery brands have introduced different innovative ideas that aim at gold rate protection plan. Under this plan, customers can book their jewellery at the current market price of gold simply by paying 10 per cent advance and safeguard the jewellery booked from any future rate hikes. The brands are taking this initiative to facilitate online jewellery shopping as the wedding and festive season begins.
Further, one of the biggest and most differentiating value propositions of this scheme lies in its flexible payment terms. Candere has facilitated customers with the flexibility to pay as per their convenience on any day of the month by way of three options: EMI Amount, Other Amount, and Balance Amount. As part of EMI Amount, the instalment plans range between 2-6 months and 2-9 months for gold and diamond jewellery respectively. Another amount provides customers with the option to pay whatever amount they are comfortable paying then, and Balance Amount allows them to pay the remaining payment at one go. The jewellery will get delivered within 14-18 days post the payment of the last instalment.
Speaking on the innovative approach that would help customers counter the gold rate fluctuation Rupesh Jain, Founder & CEO of Candere Jewellery said, “The fluctuating gold rates have demotivated many jewellery buyers. With the festive season in full swing, we felt the need for buyers to know that they can actually get a hold of their gold rates and shop when they want. That’s when we introduced the Double Gold Rate Protection Plan (DGRP). Through this plan, a buyer can book diamond and gold jewellery and pay the amount over a flexible period of six to nine months. What’s satisfactory to know is, the plan is devoid of any unnecessary paperwork, interest rate or enrolment fee. The only amount that you have to pay is 10 per cent of your final cart value. You can avail the plan within a couple of minutes at the checkout page without our help. However, the most important aspect of the plan is the flexibility to change the gold rate if it decreases in the tenure. If the rates drop, you have the freedom to update it to the rate of that day.”
MP Ahammed, Chairman, Malabar Gold and Diamond said, “Festive and wedding seasons take up a major share of the annual revenue pie of jewellers across India. Although the gold price is on the higher side, the demand is gradually increasing at the consumer end and we are looking at the upcoming festive season with optimism. To ensure that gold price volatility doesn’t affect the consumer sentiment during the upcoming festive season, we have already launched a special advance booking scheme under which a customer can book gold price while placing an order for a future purchase. The price of the gold on the day of booking and the price of the gold on the day of delivery – whichever is lower will be taken into account during the final calculation. That way, we are offering price-protection as well as peace of mind to our customers.” Ahmed said that such offers will surely present gold an attractive investment option. In addition, we offer free lifetime maintenance and one-year warranty to our customers. We have also introduced lightweight gold jewellery to appeal to our growing customer base.
Sharing his plan to ensure the safety of its potential jewellery buyers TS Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers said, “The 4-Level Assurance Plan is a one-of-its-kind consumer assurance programme that gives end-to-end fortification to the customers on purchase of jewellery. While jewellery retailed at Kalyan Jewellers goes through multiple purity tests and are all BIS hallmarked, the 4-level assurance certificate promises customers payment on the value of purity mentioned in the invoice during exchange or resale. Also, it ensures free lifetime maintenance of ornaments at any of our showrooms in the country. In addition to this, we are also promising great value in exchange and resale of jewellery as part of this scheme.”