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How Anvar Luxury helps OFWs invest in gold through layaways

by | Feature

When talking about investments, most OFWs immediately think of the big things like owning property, stocks, bonds, and more that require thousands of dirhams before you can say that you have invested. However, another thing that they can invest in without costing them too much is jewelry.

Secret tip for buying gold

An insider’s tip that gold buyers need to know is the impact of the making charge on their purchase. Making charge usually goes unnoticed, but that is what causes the deal to be a significant investment or a typical purchase.
“In Anvar Luxury we firmly believe in customer education, and we spend more than half of our time with our customers explaining the ins and outs of gold jewelry. The customers should know the effect that the making charge has is very critical. Price of today’s gold is same for all sellers of Gold, and only making charge varies across different sellers,” explains Abolhassan Anvar, partner at Anvar Luxury.

Anvar also advises that if customers want to know the value of their investment in their purchase, they can ask for the weight of the gold jewelry and then multiply that weight (which is usually in Grams) by the price of today’s gold. To know how much of what they are paying for will be the value of their gold investment.

Flexible Layaway terms

One of the methods how Anvar Luxury helps their customers invest in gold is their layaway plan where the customer can initially pay 25% with the rest to follow within a 2-month period. “We are open to help the customer with their payment plans. If they want to pay little by little, we’re open to that. As long as they don’t pass the deadline of 2 months, we’re okay,” said Anvar. He then adds that the most frequent payment term they have is 3 payments which includes an initial payment of 30%.

Without layaway, the gold’s making charge is Dh 20 per gram for 5 grams and above and Dh 25 for 4.9 grams and below. With layaway, it becomes Dh 25 for 5 grams and above and Dh 30 for 4.9 grams and below.

Exploring the real value of gold

For Filipinos, Anvar advises Filipinos invest in 18k gold: “18k gold is very budget-friendly. You can always find pieces from Dh 200 all the way to thousands of dirhams for 18k, unlike 22k. 22ks are famous for heavy nature so they need more money to spend. 18k, with its lightweight nature is very budget-friendly. That’s why most of the Filipinos they like 18k because they can choose multiple things – rings, earrings, necklace, all of that for the same price as one 22k necklace.”

Anvar adds that they value their customers so much so as to guide them to make the right decisions when making their purchase: “We believe that if we have a price transparency as you can see in our shops, we try to help the customers understand how much they’re paying for,”

IN A BOX:

Computation without Layaway: (full payment upfront)
Gold at Dh 120 per gram
Buyer gets 5 grams of gold
Dh 120 x 5 = Dh 600
20 (making charge for 5 gms++) x 5 = Dh 100
Dh 600 (gold price) + Dh 100 (making charge) = Dh 700
Dh 700 + Dh 35 (5% VAT) = Dh 735 (price of the gold jewelry)

Computation with Layaway: (full payment can be broken down to maximum of 2 months)
Gold at Dh 120 per gram
Buyer gets 5 grams of gold
Dh 120 x 5 = Dh 600
25 (making charge for 5 gms++) x 5 = Dh 125
Dh 600 (gold price) + Dh 125 (making charge) = Dh 725
Dh 725 + Dh 36.25 (5% VAT) = Dh 761.25 (price of the gold jewelry)

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