Satyug Gold Offers Gold at Rs 50 Per Day Price

Satyug Gold Pvt Ltd announced a new Gold plan called ‘Satyug Mera Gold Plan (SMGP)’ in which customers can buy gold from just Rs 50 per day.

Commenting on the gold plan, Chairperson Shilpa Shetty Kundra said, “It was my dream to make gold available to people at the lowest price. Satyug Gold Plan is my long cherished dream coming to reality.”

SMGP enables customers to accumulate physical gold in small quantities on a monthly basis through the benefit of "Monthly Rupee Average Pricing". The key features of the plan include buy gold from just Rs 50 per day; no lock in period; 100 per cent guaranteed; free insured storage; no hidden charges; no making charges on gold; and pure 24K (995 fineness) Satyug gold coins.

When quipped about the company’s future plans, Satyug Group CEO Raj Kundra said, “We are aiming for around 2 lakh customers by the end of the fiscal which will take our turnover to Rs 250-300 crore.” He further added on the pricing of gold, “We have signed long term souring contracts with mines in South Africa, Ghana and Peru for consistent supply of gold which will be refined at our gold refinery in India. This keeps our pricing competitive. ”

This gold plan is backed by IDBI as trustees of the Gold and Brinks as safe keepers. All due diligence and back office for Satyug Gold will be managed by Karvy Computers through their 450 outlets spread across India. Commenting on the association, V Ganesh, CEO of Karvy Computershare Pvt Ltd said “This plan is a bollywood actress’ dream and a business man’s vision to make gold available at an affordable price. I think this is a perfect recipe for success and we are pleased to be associated as a strong front office and back office service provider for Satyug Gold. We believe that our pan India network coupled with a strong technology platform would help provide a high level of customer service for their investors.”

Recently, Satyug Gold was in the news for legal tussle between Satyug Gold and India Bullion and Jewellery Association (IBJA) for recovery of Rs 25 crore for use of IBJA brand by them. When questioned about this, Raj Kundra said, “The matter has been mutually settled between Satyug and IBJA.” He declined to comment further on this.