VBJ gold offer Schemes

12 MONTHS- GOLD SAVINGS SCHEME

The member will be entitled to purchase gold jewellery equivalent to the weight accumulated in their account without value addition up to a maximum of 15%.

In the case where the selected jewellery weighs more than the weight accumulated in the chit, then the difference in weight will be valued at the prevailing rate as on the date of redemption plus the value addition that is applicable will be collected from the members.

In the case where the member would prefer to purchase diamond jewellery, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of redemption, shall apply plus the member will be eligible for a discount of 8% on the per carat prize of a diamond below 0.30 carat.

In the case where the member would prefer to purchase platinum jewellery, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of redemption shall apply plus the member will be eligible for a discount of 8% on the value of the platinum jewellery. In the case of diamond studded platinum jewellery, this offer is valid only for diamonds below 0.30 carats.

15 MONTHS- GOLD SAVINGS SCHEME

The member will be entitled to purchase gold jewellery equivalent to the weight accumulated in their account without value addition up to a maximum of 19%.

In the case where the selected jewellery weighs more than the weight accumulated in the chit, then the difference in weight will be valued at the prevailing rate as on the date of redemption plus the value addition that is applicable will be collected from the members.

In the case where the value of the jewel selected exceeds 19%, the difference in value addition will be collected from the member.

In the case where the member would prefer to purchase diamond jewellery, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of redemption, shall apply plus the member will be eligible for a discount of 10% on the per carat prize of a diamond below 0.30 carat.

In the case where the member would prefer to purchase platinum jewellery, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of redemption shall apply plus the member will be eligible for a discount of 10% on the value of the platinum jewellery. In the case of diamond studded platinum jewellery, this offer is valid only for diamonds below 0.30 carats.

OTHER TERMS & CONDITIONS

Monthly instalment will be paid continuously for 12 / 15 months. Members are entitled to redeem their gold online or any of the VBJ showrooms as gold (jewellery or coin), diamond or platinum jewellery.

Monthly instalment should be paid regularly on or before 7th of every month. Prepayment of instalments and advancement of maturity dates are not permitted. Payments made after 7th of a month will be considered as delay in payment and will be adjusted as following month’s payment and hence the maturity date will be delayed by a month.

Members enrolling online will receive their membership number by mail and their electronic membership ledger will be maintained at Anna Salai branch.

The amount can be paid online using credit card, debit card and net banking. Member’s name and membership number should be clearly mentioned in the payment form before submission.

The date of payment made online will be the date on which gold rate will be applied.

Delay in payments will automatically extend the maturity date by the number of months delayed.

The members are entitled to redeem the equivalent total weight of the gold that is credited to their account on maturity and should be redeemed in full. Partial redemptions are not allowed.

The gold rate announced by Madras Jewellers and Diamond Jewellers Association for selling of 22 Kt (916) will be the rate applied for calculating the equivalent weight of gold.

Gold rate prevailing on the date and time of redemption or purchase is applicable.

Cash will not be refunded under any circumstances.

The stone charges, making charges and the VAT will be borne by the members as applicable at the time of purchase/redemption.

VBJ reserves rights to alter, amend, modify, add or delete any of the terms and conditions from time to time.

The right to enrolment will be at the discretion of the management.

The conduct of the scheme is subject to the terms and policies laid down by the Central and /or State Government from time to time. All disputes are subject to the jurisdiction of the competent court in Chennai.

VBJ Heirloom Scheme