Heralding a paradigm shift in jewellery purchase and saving, Plus, Bharat’s jewellery savings app, today announced the launch of its mobile application across iOS and Android devices. Plus’ platform empowers Indian homemakers to save for their jewellery purchases, while earning an exclusive 10% annual internal rate of return (IRR) on their investment.
India is the second largest consumer market for gold and jewellery, where an estimated 300 million people buy gold and other jewellery every year. Within this market, approximately 20% of all jewellery sales are achieved through investment schemes run by various jewellers across the country. However, the jewellery savings market is yet to be digitalised, and involves challenges in the form of lack of aggregation, exorbitant hidden jewellery making charges (15%-30%), and others, which do not support the idea of jewellery as an investment. Despite gold and jewellery being the biggest asset class, the entire journey for the consumer is offline. Providing a disruptive solution in the jewellery savings market, Plus lets users save, discover 1000s of jewellers, and purchase their dream jewellery, all on a single app. Incorporated on 22 May 2022 by Raj Parakh and Veer Mishra, the innovative platform provides users with an opportunity to start saving from as low as INR 1000 in a monthly SIP manner, or save a lump sum amount in one go. Users also enjoy growth in savings, earning 10% IRR annually, along with the added benefit of users’ savings being extremely liquid, which can be withdrawn within as fast a period as T+2 days.
Veer Mishra Founder of Plus said, “We are thrilled to announce the launch of Plus’ app, the revolutionary jewellery savings platform for Bharat. With better opportunities, our platform enables users to make their jewellery purchases, discover 1000s of jewellers effortlessly, and access exclusive discounts for their next big purchase. Our platform delivers simplicity, transparency, and safety for all customers, and will transform the jewellery savings market for Indian homemakers, making it easier, affordable and convenient.”
Furthermore, on Plus’ app, users can discover jewellers, book visits with a single tap, and avail exclusive discount offers on instant jewellery purchases. In addition to the simplicity with which offers can be discovered using their platform, users can also make purchases with their savings balance which has accrued a 10% IRR, at any store in the country. Moreover, jewellery partners on Plus’ app also offer gold coins and bars at very competitive prices across the country during festive seasons for customers to purchase.