Bullion and jewellery company Satyug Group today launched \'Satyug Mera Gold Plan\', a systematic accumulation of the precious metal in small quantities on a monthly basis.
MUMBAI: Bullion and jewellery company Satyug Group today launched 'Satyug Mera Gold Plan', a systematic accumulation of the precious metal in small quantities on a monthly basis.
"Satyug Mera Gold Plan is a smart and efficient way for people to buy gold in a systematic manner. We have signed long term sourcing contracts with mines in South Africa, Ghana and Peru for consistent supply of gold directly from the mines through our own refinery in India.
"This will keep our pricing very competitive and lower than the top five banks and jewellery brands," Satyug Group CEO Raj Kundra told reporters here.
Kundra said Satyug Group is also aiming for 2 lakh customers by the end of this fiscal, which will take the turnover of the company to Rs 250-300 crore.
The key features of the plan are no lock-in period, no storage charges and no hidden fees.
Satyug Group has tied up with Karvy Computershare for pan India distribution network.
"Currently, customers can invest in the plan either online or through our 600 outlets, which is in tie-up with Karvy Computershare spread across the country," Kundra said.
The company is targeting 5,000 distribution outlets by the end of 2014-15, which will be through tie up with Karvy Computershare as well as rural co-operative banks, he added.
The delivery points will be in seven Satyug Group outlets or the home delivery option.
"Customers can take delivery of their gold from any of our seven offices or home delivery option, which will cost an extra Rs 500 that will also include insurance," Kundra said.
The company, he said, has signed an agreement with a top jeweller for this scheme, which will increase the delivery point to 47 in an week.