Gold Rate Today: The price of gold has reached the sky at this time. Just yesterday its price increased by Rs 900 per 10 grams. Now gold has come down to Rs 77850 per 10 grams in Delhi. Even then people are buying gold in abundance. Those who do not have full money, they are taking gold on Monthly Deposit Scheme. We are telling about this..
The price of gold is at an all-time high. Yesterday i.e. Wednesday, 25 September 2024, it has increased by Rs 900 per 10 grams. Now 24 carat gold in Delhi has reached a new record level of Rs 77,850 per 10 grams. Even then people are buying gold in abundance. Those who do not have full money to buy jewelry, they are buying gold under Monthly Deposit Scheme.
What is Monthly Deposit Scheme?
Seeing the skyrocketing prices of gold, many jewelers come up with such schemes. This is so that people can buy gold jewellery by depositing small amounts every month. Under this scheme, customers wishing to buy gold deposit a certain amount every month with the jeweler companies. After 12 months, the companies give gold worth the same amount to the customers. The biggest feature of this scheme is that customers have to deposit money only for 11 months. The twelfth installment is deposited by the jeweler companies themselves. Most jeweler companies sell jewellery with similar schemes with slight changes.
If this scheme was not there…
People associated with the market say that the demand has declined due to gold reaching a record price. But the schemes with monthly installments are keeping the demand for gold alive. These schemes are luring new customers. Due to this scheme, even low-income earners can save a small amount every month and buy a piece of jewellery. According to the data of the World Gold Council (WGC), the demand for gold in India has decreased by more than 3% in total quantity last year.
Jewellery companies are doing well
Tata Group company Tanishq has revealed that the business under the monthly deposit scheme at its stores in FY24 has increased by 10% to Rs 4,286 crore. Monthly deposits in Reliance Jewels, the jewellery company of Mukesh Ambani-led Reliance Retail, increased by 24% to Rs 349 crore last year. At the same time, Kolkata-based company Senco Gold has registered a growth of 12% with Rs 216 crore in this scheme last year. This has been mentioned in their annual report. According to PNG Jewellers, the monthly deposit has increased by 23% to Rs 400 crore in FY24. It is expected that it will cross the figure of Rs 525 crore in this financial year.
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Taking advantage of the reduction in import duty
WGC’s India Research Head Kavita Chacko says that the market report shows that the pace of purchases is currently good. There has been an increase in demand compared to the period before the reduction in import duty. The central government had reduced the import duty on gold from 15% to 6% in the FY25 budget presented in July. This move has led to customers placing advance orders for heavy jewellery for weddings later this year and the upcoming festive season.
Increase in purchase of jewellery
Chacko said that the monthly gold purchase scheme has led to an increase in the purchase of jewellery. These schemes make up 10-15% of their sales. Chacko said that people who invest in these schemes to buy jewellery are unaware of the price increase and they will continue to invest. Therefore, we hope that the monthly scheme will boost the demand for gold in the coming festive season and year.
Gold prices likely to rise
National Secretary of Indian Bullion and Jewellers Association (IBJA) Surendra Mehta says that in the near future, gold prices in the international markets may cross $3,200 per ounce. When gold becomes expensive in the foreign market, how can the Indian market remain untouched by it, because the supply of gold here comes from abroad only.
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