Despite the high prices of gold, retail chains are experiencing an increase in jewelry purchases through deferred or monthly payment schemes. Tanishq, a jewelry retailer owned by the Tata Group, saw a 44% rise in purchases through its deposit scheme. Reliance Retail also reported an increase in purchases through such schemes. Even regional chains, like PNG Jewellers and Senco Gold, have seen significant growth in deposits. The popularity of these schemes can be attributed to the discounts offered on installments and the ability for consumers to pre-plan their purchases.
Consumers might be buying less gold amid record-high prices, but top retail chains are seeing a surge in jewellery purchased through deferred or monthly payment schemes. Some of the big jewellery retailers saw over a 50% rise in purchases through monthly schemes.
Gold Prices: Tanishq, a jewelry retailer owned by the Tata Group, saw a 44% rise in purchases through its deposit scheme. Reliance Retail also reported an increase in purchases through such schemes. Even regional chains, like PNG Jewellers and Senco Gold, have seen significant growth in deposits.
India Business News: Gold monthly payment schemes gain traction: Tata Group’s Tanishq got Rs 3,890 crore in FY23 through this deposit scheme, marking a 44% rise from Rs 2,