A Glittering Playground
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The demographic of those buying gold is changing, know about the nouveau buyers.
Why is she buying gold? What am I here for?" asks the harried father when he learns his daughter is investing in a monthly scheme. "Relax," says the mother. "Our daughter has started earning, she is helping you." This dialogue, part of a television commercial by a leading jewellery company, captures the shifting patterns of buying gold, an age-old obsession for Indians and lately the government's bÍte noire.
"There's been a change in the way people buy jewellery these days. The young work force have the purchasing power to invest in gold," says Krishan Sharma, a manager at Tanishq's store in Connaught Place, New Delhi.
Tanishq, a leading jeweller has been the prime mover to cash in on this shift. The company, a Tata brand, has two instalment schemes. The earliest, launched in 2002, allows a client to buy gold or diamond jewellery by making a deposit for 12, 18 or 24 months.
"The schemes are aimed at parents who are planning for their children's wedding, which is why the duration is not more than two years. A good number of youngsters invest in these schemes too," says Sharma, adding that the ratio of parents to youngsters is about 60:40. So, for every three couples planning their daughters' wedding, there are two women below 35 who are also saving to buy gold jewellery.
There are other jewellers too, who are quick to lure the new buyer. P C Jewellers, a Delhi-based group with a presence across north and central India, launched a deposit scheme two years ago where the company pays the last two instalments. "A high proportion of our monthly deposits fall in the Rs 5,000 range. We get enquiries from, at least, 12-15 people every day, who are under 35," says GD Jain, manager of the showroom in South Extension, New Delhi.
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