Frequently asked questions

Safety

MCX refers to the Multi-Commodities Exchange at Ahmedabad. Like IRDA for insurance and RBI for bank, SEBI is the government regulator that regulates the stock exchanges in Mumbai and the commodities exchange in Ahmedabad. MCX Exchange allows buyers and sellers to trade in commodities such as gold, silver, copper etc.

Redemption/Withdrawal

On the date of jewellery purchase, we will sell or buy back your gold grams on that day's MCX price (minus 1% commission) and transfer the amount to the jewellery shop's QR code / bank account. We can also transfer to your own bank account on that day, so that you can use your debit card at the shop. So, as long as the shop is in India and accepts digital payments, there is no prior tie up required. Choose Jewel Purchase option in the redemption request.

Payments & Price

We take the previous trading day closing price of Gold Guinea at MCX exchange and add our margin of 1% + banking charges of Rs 20 per gram. At the time of redemption it is MCX price minus 1%. The cost of MCX exchange brokerage, warehouse rental and insurance is included in this 1% margin.

Getting Started

After installing the app and logging in as described below, click on the profile icon on top right corner of Home menu and set up your profile details. Then go to Save menu and Create a Subscription Plan. From here you will be automatically directed to authorise e-Mandate. You can authorise subscription plans up to Rs 15000 PM using UPI. Or you will need your bank account details and Net Banking / Debit Card credentials to authorise the e-Mandate. If you authorise using bank account, it takes 1-2 working days for your e-Mandate to become active. Your first debit will happen on the date chosen by you.