City-based jeweller Chintamani's Jewellery has launched a gold-based investment plan for customers who are looking for a safe haven in a volatile investment environment.
"Gold prices are just going up. It is likely to touch Rs 21,000 per 10 gms of 24 carats by this Diwali and by next Diwali it might touch Rs 25,000. This is definitely good news for those who invest in gold and also for beginners," Cintamanis' Director Chintamani Kaigaonkar said at a press conference here.
The plan called the Gold Investment Purchase Plan allows buyers to invest Rs 2,000 per month for 24 months and get 24 grams of gold at the end of the tenure, he said.
Investors can take delivery either in the form of a bar or jewellery,he said.
The jewellery retailer plans to focus on Mumbai and nearby markets in the near future.
"We plan to open three to four outlets in the next 18 months at an investment of Rs 50 crore," he said.
The stores would come up mainly in Mumbai and Pune, Kaigaonkar said, adding that the company's strategy is to focus on Maharashtra.
"We might go for a pan-India expansion later," he said.
Currently, Chintamanis has three stores in Mumbai and one in the US.
