Gold Price Rises in Chennai; Investors Advised to Review Jewellery Savings Plans Carefully
Gold prices have been steadily rising over the past few months, while silver continues to touch new highs. Amid this upward trend, gold prices in Chennai saw a further increase today (February 11). The price of ornamental gold has risen by ₹160 per sovereign and is now being sold at ₹1,16,800.
With gold prices remaining high, many investors are considering jewellery savings schemes offered by leading jewellers. These schemes often attract customers with free gifts and promotional offers. However, experts advise the public not to join such plans solely for gifts, but to carefully review the terms and conditions before enrolling.
Points to Check Before Joining a Jewellery Savings Scheme
Before investing in a jewellery savings plan, customers should clarify the following details:
- Total number of months for payment
- Maturity period of the scheme
- Whether the invested amount will be refunded if payments are discontinued midway
- Whether the maturity value will be provided in gold or cash
- The type of jewellery allowed under the scheme and whether gold coins can be purchased
- Any applicable processing fees, deposits, or additional charges
Most major jewellery stores offer two types of savings schemes. In one plan, customers can purchase jewellery equivalent to the total amount paid. In the other, monthly payments are credited against the prevailing gold value at the time of maturity.
At maturity, customers should compare both options and choose the one that offers better value. Buyers are also advised to ensure that purchased jewellery carries a proper hallmark certification.
Special attention must be paid to wastage and making charges, as some jewellers may charge up to 18 percent. If the selected jewellery exceeds this limit, customers may have to pay the additional amount separately.
Investors are urged to thoroughly verify all terms and conditions before committing to any jewellery savings plan.
Get in touch with trusted gold buyers today and receive the best cash value for your gold!
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