Date:05/07/2007 URL: http://www.thehindubusinessline.com/2007/07/05/stories/2007070552170500.htm

Gitanjali, ICICI Bank tie up for jewellery credit card

Purchases made by using the newly launched gold credit card will be eligible for discounts.

Our Bureau

Mumbai, July 4 Now one can buy jewellery not only on credit and but also pay in interest-free monthly instalments. Gitanjali Gems Ltd has in partnership with ICICI Bank launched ‘Jewellery Credit Card’ first of its kind in India.

Purchases of Gitanjali products made by using the newly launched gold credit card will be eligible for discounts (5% on purchase up to Rs 10,000 and 7.5% beyond Rs 10,000). At the same time, the invoice value can be paid in interest-free EMI for three months/ six months.

The interest due on the EMI will be made good to us by Gitanjali on behalf of the customers and we have negotiated a good rate for them, said Mr Sachin Khandelwal, Head-Cards Group, ICICI Bank.

This will empower the youth to indulge in this high end consumer segment as well as offer some ease on wedding purchases, said Mr Pranav Raje, Assistant Manager, Corporate Brand & Communication.

The Gitanjali Group houses six jewellery brands ranging from its primary brand Gili’s to premium brand Nakshtra to Asmi which in Sanskrit means ‘I am’, Sangini, D’damas and the lifestyle product range of Desire.

The launch of Jewellery Credit Card’ is a step towards the company’s focus on retail and lifestyle, said Mr Mehul Choksi Chairman of Gitanjali Group Ltd.

It is like any other credit card, but the idea is to focus on one favourite spend category, said Mr Khandelwal.

Reward points

On every Rs 200 spent at Gitanjali outlet earns 8 reward points for the cardholder. Redeemable points collected on this lifetime free card vary from free gift vouchers to free jewellery cleaning of Gitanjali products.

The interest-free credit period is up to 52 days.