I’ve been planning to start a gold savings plan and came across both the Joyalukkas Gold Scheme and the Malabar Gold Scheme. I’m curious — which one is actually better in terms of benefits, flexibility, and returns? Has anyone tried both and can share their experience?
When I first started saving for gold jewellery, I was torn between the Joyalukkas Easy Gold Scheme and Malabar Gold Schemes.
I wanted a plan that was simple, didn’t require paying everything upfront, and still gave me the flexibility to pick jewellery I actually liked at the end of the tenure. After looking into both options, here’s what I found based on my research and experience:
Joyalukkas Easy Gold Scheme:
Overview:
• The Joyalukkas Easy Gold Scheme is a 10-month savings plan where you contribute a fixed amount each month. At the end of the scheme, you can redeem your accumulated savings to purchase gold jewellery, coins, or bars. Some of the benefits include:
• Zero making charges on gold and silver jewellery, gold coins, and bars up to 18%.
• Up to 50% off on making charges for diamond, rose-cut, and precious jewellery.
• Flexible payments through online or in-store options.
Drawbacks:
• The scheme is mainly for jewellery purchases and isn’t ideal if your goal is investing purely in gold as a commodity.
• While making charges are reduced, intricate designs can still incur costs.
Malabar Gold Schemes:
Overview:
• Malabar Gold offers several schemes like Golden Bloom, Golden Glow, and Golden Bliss Advance Gold Purchase Plan, typically running for 11 months. Highlights include:
• Golden Bloom: Up to 18% exemption on making charges, redeemable for jewellery.
• Golden Glow: Accumulate gold equivalent to your monthly contributions, redeemable at the end.
• Golden Bliss: Pre-book a specific jewellery item and pay in instalments.
Drawbacks:
• Some schemes require upfront payments for certain plans.
• Making charges may still apply for certain designs or items.
Conclusion:
From my experience, if you want a straightforward monthly savings plan for jewellery without worrying about upfront payments, the Joyalukkas Easy Gold Scheme is convenient. But if you prefer more options and flexibility in choosing your jewellery or gold type, Malabar Gold’s multiple schemes give you choices to suit your needs.
You can explore the details on their official websites here:
