Reliance Money eyes Rs 2L cr gold mkt
As per the World Gold Council, 986 tonnes gold, valued at about Rs 3.2 lakh crore at current price, is estimated to have been sold in the country in 2011. Out of this, about 75 per cent gold is sold through unorganised market, with rural and urban market almost evenly divided.
Reliance Money said claimed the new plan is different from schemes offered by unorganised jewellers which only allowed consumers to buy gold at prices prevalent at the end of the tenure.
"Reliance My Gold Plan will change the way consumers accumulate gold and we expect it to be the most preferred way of saving in gold," Gugnani said.
He said purity was one of the biggest concerns today and just about 10,000 out of a total of one million jewellers in the country sold hallmark-approved products.
"We will ensure that the customers get pure gold," he said, adding Reliance Money has already tied up with 100 approved jewellers for the plan and soon it would expand its network to more than 10,000 locations in next few months.
The customers can opt for tenures ranging from one year to 15 years and the plan's daily average pricing methodology splits the monthly subscription into equal parts
and allots gold grams over 20 successive business days.
At the end of the selected term of the plan, customers have the option to exchange their accumulated gold grams into 24 Karat gold coins or jewellery at designated outlets.
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