Business Standard

Buy gold via regulated products, ensure it gets allotted in your name

So long as a jeweller uses customers' money to meet his working capital needs, there is usually no problem

People purchasing Gold Jewellery at UTZ Jewellery Shop. Photo: Kamlesh Pednekar

Photo: Kamlesh Pednekar

Sanjay Kumar Singh
According to media reports, the promoters of Kerala-based Goodwin Jewellers have fled, leaving a large number of customers, especially in Maharashtra, staring at the prospect of losing their money. The jeweller ran a gold jewellery scheme and also a deposit scheme, where it promised a return of 16 per cent. Some time ago, the promoter of Bengaluru-based IMA Jewels had also gone missing, leaving customers in a similar predicament.

Gold jewellery schemes are very popular in India. They run along the following lines. The customer visits a jeweller and zeroes in on a piece of jewellery. If she does not have

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 30 2019 | 11:07 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to