By Ziaulla Nomani,
India is the world’s second largest single consumer of gold after China. The consumption of gold in India is about 50% in jewelry, 40% in investments, and 10% in industry.
Penchant for gold in India is not hidden, they have many reasons to buy gold, Wedding, gift, festival, etc, but Toheed jewellers and Tawakkal jewellers have given one more reason for the consumers to splurge on this precious yellow metal.
Toheed jewellers in the year 2003 became the first jewellers to start retail gold showroom in Sholapur with emphasis on 100 percent resale, be it cash or replace. They successfully implemented it in Mumbra and Kurla area of Mumbai.
This call of 100 buyback from Toheed jewellers attracted many consumers out which maximum are Muslims.
Following the Toheed’s footstep, another gold retail showroom, Tawakkal jewellers, started the same scheme in by and large Muslim area of Govandi. The Store was inaugurated by the MLA, Abu Asim Azmi. After the inauguration, Muslims, especially women thronged Tawakkal jewellers.
Apart from 100 percent buy back, Tawakkal jewellers offer same making charges on any gold design.
Before them, there were no gold retailers offering 100 buy back and same making charges on gold jewelleries.
Jehangir, one of the founder partners of Tawakkal jewellers said, “We are offering this for the benefit of all the gold consumers. Normally there is about 10 to 20 percent deduction on resale of the gold jewelleries but we don’t practise it. We give our clients their due.”
This scheme will help people to refrain from mortgaging of gold and indulging in interest, prohibited by Islam, maintained Jehangir.
Courtesy Muallim – The Muslim Lifestyle Magazine