A large number of jewellers have been using the “committee”' route to promote their sales. With a minimum group of 50 people, these jewellers have been entering into one-year agreement with their customers.
“The customer is asked to pay an instalment of between Rs.3,000 and Rs. 4,000 for 10 months and the last two months are paid by the jeweller. As and when the contract terminates, the customer is permitted to buy jewellery worth the total amount – which is equivalent to the monthly amount multiplied by 12,” said a jeweller.
In this scheme, the customer gets no cash benefit but products worth 20 per cent more. And for the jeweller too it means interest free funds flow through the year, a dedicated clientele and assured sales.
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Rekha Tiwari, who runs one such scheme said: “Such schemes are beneficial for middle class families as it is difficult for them to go and purchase gold in present time by spending something like Rs 50,000 at one go. Here they can just pay in instalments and buy the jewellery at the end of the year.