If you have an occasion like a marriage and are planning to save systematically to purchase jewellery at a later time, the best idea would be to start looking at popular gold schemes from jewellers across the country.
Here are popular gold schemes from Jewellers
Golden Harvest From Tanishq
Golden Harvest from Tanishq is a popular Gold scheme. Like in most other schemes, you need to systematically invest each month.
In the Golden Harvest, you invest a certain sum of money every month for 10 months. After the 10th month, you will get a discount of 55 per cent to 75 per cent of the fixed instalment.
Now, the important thing to note is that you must close this Golden Harvest Account within 390 days from the date you first opened one.
Similarly, Golden Harvest also has a six month plan.
Bhima Jeweller's Golden Tree Purchase Plan
Bhima Jewellers's Scheme is slightly different to that of Golden Harvest. Here instead of a discount you will be entitled to a bonus. Here are the details of the scheme:
1) The scheme runs for 2 years
2) You will receive a bonus of 6 per cent.
3) You have to use the amount so accumulated to buy gold jewellery.
4) You can invest a small sum of Rs 250 in the scheme.
The scheme is not difficult to analyze. Your returns would be 6 per cent annually, which is below an interest rate on a recurring deposit. One interesting feature of the scheme is that as soon as you pay the gold price is fixed against the amount paid.
What this means is that you do not have to worry about an increase in gold price - it is actually hedged.
GRT Jewellers Golden 11 Plan
GRT Jewellers has a gold 11 plan, where you pay according to the plan before the 10th of every month. After you complete paying for 11 months, you can buy gold, jewellery without any wastage. One is not sure what this means. The jeweller needs to be contacted for the purpose.
PNG's Sanchayat Dhanavardhanam
Under this there are various plans of 12, 24 and 36 months duration. Under the 12 month plan you pay for 12 months, the jeweller P N Gadgil pays one instalment in the 13th month and you can make purchases from the 14-month onwards.
Under the 24 month plan, the returns and contribution are better because of the longer tenure.
Should you buy these gold schemes from jewellers?
The returns on the gold schemes will ultimately be the same like interest on recurring deposit at banks. However, when you place money in the latter, the chances are that you would be taxed on the interest income.
In this case, there would be no such liability. The one drawback is the accumulated money has to be used to buy only gold jewellery. Most jewellers claim that they offer discount on making and other charges under the scheme. You need to check with them on details.
Taxes and other charges would apply.