Online Gold Purchase Plan

[sauravkumar]

Two doubts, sry if silly
If we accumulated 110000 at the end of 11 months and if we buy for 90k worth jewellery, will they refund remaining money?

What is upto 14% making charges? Making charges are decided based on the amount of gold in that jewelry? Its not some fixed charge?
Suppose if making charges are 20%,we have to pay only 6%?

1) No you have to buy for complete amount or more than that. They won't refund any remaining money. But here we can buy n-number of items (ornaments). No hard rule that you have to buy only one.

2) You are correct. 14% fixed making charges will get reduced.

 

[nishank]

Any documentation available?

I went to store last week and they told me

 

[AllThatStuff]

following + 1

 

[Gkcards]

Can we take Tanishq plan online? and can we pay with Amazon pay for the same monthly?

 

[Ram1]

1) No you have to buy for complete amount or more than that. They won't refund any remaining money. But here we can buy n-number of items (ornaments). No hard rule that you have to buy only one.

2) You are correct. 14% fixed making charges will get reduced.

Didn't understand 2nd point. Can you explain how making usually be and how they calculated. How much discount we get

 

[6ix9ine]

Didn't understand 2nd point. Can you explain how making usually be and how they calculated. How much discount we get

Making charges is how they profit. It varies brands to brands. For instance, you might've heard tanishq is very expensive, that's because their making charges are absurd way higher than other brands.

Let's say you bought X gm of gold pendant and it's making charges are 25% so, you will pay only 11% charge as you got 14% off (due to your gold plan)

Only GST, gold price are fixed whereas making charges vary according to shops. That's the variable part and brands can put whatever they want.

 

[Ram1]

Making charges is how they profit. It varies brands to brands. For instance, you might've heard tanishq is very expensive, that's because their making charges are absurd way higher than other brands.

Let's say you bought X gm of gold pendant and it's making charges are 25% so, you will pay only 11% charge as you got 14% off (due to your gold plan)

Only GST, gold price are fixed whereas making charges vary according to shops. That's the variable part and brands can put whatever they want.

Hows the gst calculated? For gold or making charges or combined?

 

[6ix9ine]

Hows the gst calculated? For gold or making charges or combined?

Unfortunately combined :/

Example: you bought gold worth 20000, it had 15% making charges so 20000+3000 (20000 × 15% => 3000)

So, now your total comes 23000

Now, GST (3%) will be applied => which makes it ₹23690/-

 

[Ram1]

Unfortunately combined :/

Example: you bought gold worth 20000, it had 15% making charges so 20000+3000 (20000 × 15% => 3000)

So, now your total comes 23000

Now, GST (3%) will be applied => which makes it ₹23690/-

Say making charges 21%, through gold plan we got 14% waiver.
We need to gst for gold+7%making charges only right?

 

[6ix9ine]

Say making charges 21%, through gold plan we got 14% waiver.
We need to gst for gold+5%making charges only right?

yes, you need to pay gold + 7% making charges (21-14 = 7) then on final amount 3% GST as well.

 

[Sriim]

Two doubts, sry if silly
If we accumulated 110000 at the end of 11 months and if we buy for 90k worth jewellery, will they refund remaining money?

Nope

What is upto 14% making charges? Making charges are decided based on the amount of gold in that jewelry? Its not some fixed charge?
Suppose if making charges are 20%,we have to pay only 6%?

Yes. 6% for the amount you have accumulated and 20% for the excess amount

 

[nishank]

Can someone from community give suggestions on Kalyan jewellers and whether they accept Amazon pay

 

[Sriim]

Can we take Tanishq plan online?

Yes

and can we pay with Amazon pay for the same monthly?

Nope

Tata neu infinity gives 5% neucoins back

 

[Adith]

Two doubts, sry if silly
If we accumulated 110000 at the end of 11 months and if we buy for 90k worth jewellery, will they refund remaining money?

What is upto 14% making charges? Making charges are decided based on the amount of gold in that jewelry? Its not some fixed charge?
Suppose if making charges are 20%,we have to pay only 6%?

No they won't refund , you have to purchase for the full amount invested.

Yes if you buy any jewellery with 20% making charge , you just need to pay 6%. So it's advisable to buy only jewellery at 14% and higher when you invest in the scheme to make it worth for you.

 

[Gkcards]

which jewelers accept amazon pay for gold/diamond plan monthly payments?

 

[AlgoTrader]

I might go back to Goldbees to avoid all the hassle

 

[ujjwal2024]

but indian prefers physical gold, you know

I might go back to Goldbees to avoid all the hassle

 

[AllThatStuff]

Thanks @Adith for your guidance and mentorship!!🙏🙏

Invested today in Malabar Glow scheme!!😀😀

Only because of your knowledge and support I am able to invest in my first Gold Investment Scheme!!👍👍

Just started the glow scheme a month back, a few pointers -
1. You cannot renew the scheme - at the end of the scheme period you will have to buy something within a couple of months - since the cost is averaging you kind of have a rough estimate of how much gold you'll end up with so you'll have to plan accordingly. Depending on what we are actually getting we'll have to buy a little bit extra gold (with full making charges) or if we're rounding of to the lower value - if I'm not wrong they'll give cashback (without any interest earned)
2. Basic chains were around 13%, for rings and finer jewelry it ranged from 16% to as high as 26%

They also have a third scheme in which you can pay upfront and lock gold at current price and redeem later at 11 months with making charges waived off up to a certain %.

@Adith Which jewelry did you get and what were the making charges you had to pay when redeeming, if any?

Were you guys able to make subsequent month payment through Apay Wallet??

 

[sauravkumar]

Were you guys able to make subsequent month payment through Apay Wallet??

Yup bro... Still doing it!! 😁😁

 

[AllThatStuff]

Apart from Malabar Gold, is there any other jeweller which allows gold scheme payment through Apay wallet??