PrideGold is an organised and transparent method of buying 24 carat gold in compliance with all applicable laws and regulations. PrideGold is neither a financial product nor a deposit but a method of purchasing gold for the personal needs of the customer. Customer can buy the gold under this plan according to his wish. The customer has complete freedom to seek physical delivery of gold or bars anytime and on as many occasions as (s)he wants. Since it is not physically possible to deliver a fractional quantity of gold, minimum quantity for which the delivery is proposed to be made has been kept as low as 1 gram and in multiples of 1 gram. The gold on behalf of the customer would be purchased including GST as and when his/her clear funds are available. Gold in grams up to 4 decimal places shall be credited to the customer's account on receipt of funds.
The gold purchased on behalf of the customer shall be stored with a reputed custodian on a consolidated basis i.e. daily purchase across all the customers. An independent auditor/ trustee will confirm the balances with the custodian each quarter and reconcile the amounts with customer balances.
An invoice is emailed to the customer after each transaction. It is also available in the order history section on the Company's website as well as the distributor platform.
The Company will provide a sell price quote on its website as well as distributor platforms. Customers can choose to sell any amount starting with a minimum of Re. 1 to a maximum of the amount of gold that they own. Proceeds will be sent within 2 days to the customer's bank account after deducting any applicable transaction charges(which will be disclosed in advance). The sell quote may be temporarily unavailable in the unlikely event of a disruption in the bullion market.
Any resident Indian can enroll for PrideGold.
PrideGold offers 24 Carat Gold of 995 purity (99.5% pure).
Customer is not obligated to make any fixed or periodic payments.
Once you place a delivery request, you have to accept the delivery made to you. It cannot be made at a later date.
The minimum amount of purchase is Re. 1. There is no limit on the maximum amount as long as KYC requirements are complied with.
An online statement will be available at all times. The holding statement will be sent to the customers through email if requested.
No, you cannot have a joint account for PrideGold.
Nomination norms will be followed per the distributors standards for their product.
Yes. Verification of address change will be per the norms established by the distributor.
In case of delivery of coin/ bar, the shipment will be mandatorily delivered to the registered address of the customer as per PrideGold records. Certain approved jewellers and distributor branches may also be used for delivery after verifying the identity proof of the customer. The Company will maintain a list of serviceable pin codes and prior to making any purchase the customer will be informed whether their pin code is serviceable by the Company.
Yes, customer has to pay the minting/ making charges, delivery charges and applicable taxes. All coins are hallmarked to certify purity and delivered in tamper proof packaging. Making and delivery charges are listed in the table below:
|Coin Weight (gms)||Minting Charge ()|
The Company will publish a live buy-sell quote for customers which will be derived from the wholesale bullion market plus a commission to cover operating costs. The actual purchase price paid by the customer will always be transparently published so the customer has a chance to compare with all other sources before entering into a transaction.
Other than shops and establishment and a few normal approvals covering a commercial enterprise, PrideGold will not need specific licenses at the current moment.
The secure storage provider takes out a comprehensive insurance policy and includes that in their charges to the Company. The secure logistics provider takes out insurance for the period in transit, when the gold leaves the vault. If required, the Company may take out an additional insurance policy as well to cover specific risks.
Distributors will provide the first level of customer support. The Company will be available to satisfy any issues/ questions that may be escalated.
The Security Trustee is entitled to act on behalf of the customers and ensure that the interests of the customers are protected. The security Trustee will have a charge on the gold associated with accumulations held by the customers.
PrideGold is neither a Collective Investment Scheme nor a Deposit. Thus this plan doesn’t fall under the purview of SEBI or RBI. Hence there is no regulator for this product offering. To ensure that the customer interest is of foremost importance, a Security Trustee has been appointed for PrideGold. For any grievances the customer can approach the Security Trustee.
Yes, the gold associated with the accumulations credited in your account is kept in safe custody with a Custodian in accordance with the terms of offer mentioned in the product brochure. Only reputed firms such as Amar Warehosuing Pvt Ltd and Bonafide Laboratories pvt ltd will be used as a custodian.
The gold associated with the accumulations in your account is separate from the other assets of the Company. An independent trustee appointed by the Company will act for and on behalf of the customers. The gold purchased by the Company associated with the accumulations in customer accounts is transferred to the Custodian appointed by the Company for the product. When the customer asks for delivery, the requisite quantity of gold will be removed from the Custodian and delivered to the customer through a reputed courier service. Since the Security Trustee has a charge over the gold over other commercial creditors till the time of fulfillment and the gold is separate from the other assets of the Company, any unlikely adverse event happening to Company should not affect the gold associated with the accumulations in your account. Further, the title of the gold clearly rests with the customer and the physical gold stored with the Custodian on account of PrideGold customers is not an asset of the Company in any way.
Government of India has identified Bureau of Indian Standard as the sole agency in India to operate the BIS Hallmarking Scheme. The BIS Hallmarking Scheme has been aligned with International criteria on hallmarking (Vienna Convention 1972). A Hallmark, consists of five components i.e. BIS Mark, the Fineness number (corresponding to given carratage), Assaying and Hallmarking Centre's Mark, Jeweller's identification Mark and year of Marking denoted by a code letter and decided by BIS (e.g. code letter `A' was approved by BIS for year 2000, `B' being used for the year 2001 and `C' for 2002 and 'J' for 2008). The marking is done either using punches or laser marking machine.
Some manufacturers also issue Assay Certification which can be obtained through Assay Offices. Assay offices are institutions set up to assay (test the purity of) precious metals, in order to protect consumers. All coins and jewellery redeemed through SaeGold shall be BIS certified.
Yes. There is a lock-in period of 1-3 days from the date of each purchase, depending on how long it takes the Company to realize payment from the customer. The purpose of PrideGold is not to promote speculative trading in gold and therefore a lock-in period helps to curb speculation. Fulfillment or sale of gold grams shall not be permitted during the lock-in period.
There is no benchmark for comparing the price of PrideGold. MCX cannot be considered as a benchmark, since there are many differences between PrideGold and MCX. MCX gives the prices of a futures contract which doesn’t give the landed prices by factoring in cost of logistics, insurance, safekeeping, etc. MCX doesn’t give PAN India Delivery and based on the contract it gives delivery at only a few locations like Mumbai, Ahmedabad, Delhi, etc. PrideGold gives delivery PAN India, includes the cost of storage, insurance, trustee fees and gives the landed price of Gold. Also the gold price quoted in newspapers and on various websites is the wholesale price in multiples of 1kg of gold. PrideGold price is valid for fractional grams and therefore is not directly comparable.
Digital Gold India Private Limited (Company) is primarily owned by Invent Advisors Private Limited (Invent). World Gold Council (India) Private Limited holds a minority stake in the Company.
The customer will need to arrange for an identity proof to be available at the registered address at the time of taking delivery .
Only in case of death of the applicant, the legal heir will be able to collect the gold coins by showing the proof of identity of along with the original / notarized copy of the death certificate and proof that the person is the legal heir of the applicant.
The legal heir can place a fulfillment request for delivery or sale along with proving proof of being an heir.