Munnalal Maheshlal Arya & Sons’ ‘Swarn Sanchay Yojana’ scheme  takes off with innovative campaign

From encouraging girls to save for their own wedding, to telling salaried individuals how to prepare for big financial requirements in future, the campaign promotes the jeweller’s gold savings scheme

Bihar Sharif: “Meri shaadi ki zimmedari… na par jaaye Papa par bhari…” – this and other taglines characterize the ‘Swarn Sanchay Yojana’ campaign being run by Munnalal Maheshlal Arya & Sons Jewellers to help individuals, especially women, save for important life events such as weddings, without the need to make a lump sum payment. The gold savings scheme is designed for those who may find it difficult to afford gold jewellery at once, particularly in middle and lower-middle-class families.

Atul Rastogi, Director of Munnalal Maheshlal Arya & Sons Jewellers, explains the core idea behind this initiative, saying, “The scheme is specifically targeted at working individuals and housewives who might not be able to buy jewellery worth Rs 1-2 lakh at one go. The plan allows them to save in small, manageable amounts.” Under this scheme, individuals can start saving with as little as Rs 3,000 per month. After 11 months of saving, the scheme provides a bonus instalment in the 12th month, making it easier to afford jewellery at the end of the saving period.

The scheme not only helps the jeweller’s customers secure jewellery for weddings but also locks in sales. “The new generation is more pro-active about planning their future, and many girls today are saving for their own weddings,” says Rastogi. As more young women take charge of their financial decisions, this scheme offers them the flexibility to plan for their wedding jewellery at their own pace.

The Swarn Sanchay Yojana also focuses on creating awareness about saving and investing in gold, which traditionally has been a long-term asset in Indian culture. “Girls are now planning ahead, and this scheme ensures that they can save without financial strain,” adds Rastogi.

The minimum monthly amount of Rs 3,000 has proven to be an attractive starting point for many customers, with some opting to increase their savings as they progress. “Starting with Rs 3,000 has attracted more people, especially from smaller towns,” Rastogi notes. Since its launch in December, the scheme has already registered over 100 members, with many more expected to join in the coming months.

Through targeted promotions, including pamphlets and banners, and a branded auto travelling to local areas, the scheme has generated a lot of interest. “We distribute pamphlets in local areas, and many customers come to enquire about the scheme every day,” says Rastogi.

The response to this scheme has been positive, with the primary benefit being customer retention. Customers who join the scheme are more likely to return to the showroom for future jewellery purchase. “Once customers understand the value of the scheme, they not only benefit from it but also recommend it to their friends and family,” says Rastogi.

Munnalal Maheshlal Arya & Sons Jewellers began its journey in 1886 in Bihar Sharif, Nalanda, under the leadership of the late Satto Babu. Currently, it operates the flagship showroom in Bihar Sharif. Looking ahead, the company plans to expand the Swarn Sanchay Yojana and reach a wider customer base by opening more showrooms in smaller towns.

Written by Achal Chaubey

Retail Jeweller India Exclusive