Satyug Gold, a gold bullion and jewellery company promoted by Bollywood actor Shilpa Shetty, on Tuesday, launched a new systematic gold accumulation plan, Satyug Mera Gold Plan.
“We have seen gold give good returns in the past few years, and, above all, it is a very liquid asset,” Shilpa Shetty Kundra, Chairperson, Satyug Gold, said at a media conference, adding, “The scheme is to make gold buying more affordable and 100 per cent safe.”
The scheme is to enable customers to channelise everyday savings and accumulate gold on a monthly basis, Sameer Patil, COO, Satyug Gold, said. “It enables customers to buy gold from just Rs.50 per day and is backed by IDBI Trusteeship as trustees of the gold and Brinks, one of the leading vaulting agencies, as safe keepers. Karvy Computershare is registrar, and will handle the entire back office,” he said.
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The scheme has no lock-in period, no storage charges, no hidden fees and it provides 24 karat gold coins on redemption. The plan allows customers to accumulate physical gold through the benefit of ‘Monthly rupee average pricing’. The gold could be redeemed as coins or jewellery, Mr. Patil said.
Satyug at present has seven retail outlets, and plans to increase this number to 50 nation-wide by the end of the current fiscal. It is targeting 200,000 clients by then.
Satyug Gold is into precious metals refining, affordable designer jewellery, gold coins and gold bullion. It has a precious metal refinery, Auptag Refinery, in Panvel near Mumbai, with a refining capacity of 1.5 tonnes a month.
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The company claims that the gold will be cheaper than the top five jewellers and top five banks in the country. “We will source the gold at a lower price and the prevailing price will be available daily on the website,” Mr. Patil said, adding that the gold would be sourced from mines in South Africa, Peru and Ghana.