instructions


Download the app, sign up and purchase jewellery either online (credit card, netbanking, NEFT etc.) or offline.

Payments to be made every month and continued via the app.

Access principal, returns and redemption after 30 days of last instalment payment through the app.

pick a scheme type

12 month plan15 month plan
No value addition upto 15% on gold jewelleryNo value addition upto 19% on gold jewellery
10% off on diamonds and precious stones12% off on diamonds and precious stones
10% off on platinum jewellery12% off on platinum jewellery
6% off on solitaires8% off on solitaires

pick a scheme type

No value addition upto 15% on gold jewellery

10% off on diamonds and precious stones

10% off on platinum jewellery

6% off on solitaires

Download the full brochure

12 MONTHS:

  • Redemption of this saving scheme can be done after 30 days of payment of the last instalment.
  • Successful completion of 12 months payments will entitle the member to purchase gold jewellery equivalent to the weight accumulated in their account, without value addition up to a maximum of 15%.
  • In case the selected jewellery weighs more than the weight accumulated in the scheme, 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 member.
  • If the value addition of selected jewellery exceeds 15%, the difference in value addition will be collected from the member.
  • If the member prefers to purchase diamond or precious stone jewellery on successful completion of 12 months, 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 per carat price of a diamond below 0.30 carat, up to the redemption value.
  • The member will be eligible for a discount of 6% on per carat price of a diamond weighing 0.30 carat or above, up to the redemption value.
  • If the member prefers to purchase diamond studded platinum jewellery, they will be eligible for a discount of 10% on the value of platinum jewellery up to the redemption value. This offer is valid only for diamonds below 0.30 carat, up to the redemption value.
  • If the member prefers to purchase platinum jewellery on successful completion of 12 months, the member would be entitled to purchase for the value of gold accumulated in the scheme. The rate on the date of redemption shall apply plus the member will be eligible for a discount of 10% on the value of platinum jewellery, up to the redemption value.
  • If discontinued on or after the 8th instalment, customers can avail up to 9% off on VA against redemption of gold jewellery and 7% off on diamonds / precious stones / platinum jewellery.
  • There would not be any benefit in VA, if discontinued on or before 7th instalment. Enrolment gifts to be returned or amount pertaining to the same will be deducted as per the current date.

15 MONTHS:

  • Redemption of this saving scheme can be done after 30 days of payment of last instalment.
  • Successful completion of 15 months of payment, will entitle the member to purchase gold jewellery equivalent to the weight accumulated in their account without value addition up to a maximum of 19%.
  • In case 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.
  • If the value addition of jewellery selected exceeds 19%, the difference in value addition will be collected from the member.
  • If the member prefers to purchase diamond or precious stone jewellery on successful completion of 12 months, 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 per carat price of a diamond below 0.30 carat, up to the redemption value.
  • If the member prefers to purchase diamond or precious stone jewellery on successful completion of 15 months, member would be entitled to purchase for the value of gold accumulated in the chit. The rate on the date of the redemption shall apply plus the member will be eligible for a discount of 12% on price per carat of a diamond below 0.30 carat, up to the redemption value.
  • The member will be eligible for a discount of 8% on per carat price of a diamond weighing 0.30 carat or above, up to the redemption value.
  • If the member prefers to purchase diamond studded platinum jewellery, they will be eligible for a discount of 12% on the value of platinum jewellery up to the redemption value. This offer is valid only for diamonds below 0.30 carat, up to the redemption value.
  • If the member prefers to purchase platinum jewellery on successful completion of 15 months, 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 12% on the value of platinum jewellery, up to the redemption value.
  • If discontinued on or after 8th instalment, customers can avail up to 9% off on VA against redemption of gold jewellery and 7% off on diamonds / precious stones / platinum jewellery.
  • If discontinued on or after 12th instalment, customers can avail up to 15% off on VA against redemption of gold jewellery and 10% off on diamonds / precious stones / platinum jewellery up to the redemption value.
  • There would not be any benefit in VA, if discontinued on or before 7th instalment. Enrolment gifts to be returned or amount pertaining to the same will be deducted as per the current date.

Common T& C:

  • Redemption of this saving scheme must be done after 30 days of payment of last instalment.
  • Monthly instalment will be accepted at any VBJ showroom.
  • Members are entitled to redeem their gold at any of the VBJ showrooms as gold (jewellery or coins), diamond or platinum jewellery.
  • Monthly instalment should be paid regularly on or before 5 PM on the last day of every month.
  • Prepayment of instalments and advancement of the maturity date are not permitted.
  • Only one entry per month.
  • Membership card must be produced at the time of payment to enable the entry of the payment in the card for offline customers.
  • The chit amount can be paid by cash, at par cheques, demand drafts, online payments. Member’s name and membership number should be clearly written in all modes of payment.
  • The date of receipt of payment will be the date on which the gold rate will be applied.
  • Cheques/demand drafts should be drawn in favour of “Vummidi Bangaru Jewellers”.
  • In case the cheque is dishonoured, the date of the realization will be considered for fixing the gold rate.
  • Delay in payments will automatically extend the maturity date by the number of months delayed.
  • Members are entitled to redeem the total weight of the gold credited to their account on maturity.
  • The gold rate as announced by Madras Jewellers & Diamond Merchants Association for selling of 22 Kt (916) will be the rate applied for calculating redemption value, for gold jewellery, diamond jewellery and platinum jewellery.
  • Members are entitled to apply the rate of gold prevailing on the date of their purchase/ redemption.
  • Cash will not be refunded under any circumstance.
  • The stone charges, making charges and GST/ Tax will be borne by members as applicable at the time of purchase / redemption.
  • VBJ reserves the rights to alter, amend, modify, add or delete any of the terms and conditions from time to time.
  • 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.


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Prices subject to change without notice.