GSS and ICICI Bank partner to facilitate loans for Indian Jewellers

By Leandra Monteiro

Godrej & Boyce, the flagship company of the Godrej Group announced that Godrej Security Solutions (GSS), has launched a financial assistance program for the jeweller’s community of India in partnership with ICICI Bank. GSS claims to be the first brand in India to provide such a program to help the jewellers community in India and encourage them to invest in new age security solutions for their store.

The finance program is a line of credit facility offered to the retail Jewellers of Godrej Security Solutions. The credit facility enables jewellery store owners to invest in Torch and Tool resistant safes that safeguard their assets including precious jewellery, cash, and documents. While torch and tool resistant safes are a monetary heavy investment, prospective jewellers can approach any GSS channel partner for the purchase of safes at an easy EMI and avoid a one-time heavy investment.

Established jewellers can also avail the facility through the local channel partners or sales team of Godrej Security Solutions that will then connect them directly to the ICICI team. The Rate of Interest for this credit facility is 16% p.a. with a low processing fee of 1.5%. The loan amount starts at a minimum of INR 100,000 and can go to a maximum of INR 1 million.

Commenting on the Partnership, Mr. Pushkar Gokhale, Vice President, Godrej Security Solutions, said, “Godrej Security Solutions has always been collaborating with jewellers of India to help them adopt and upgrade their security solutions. The gems and jewellery sector is one of the largest revenue-generating sectors of India and it is most vulnerable to external threats like robberies and heists. Having worked closely with jewellers, we understand that upgrading security systems would call for a Capex which in these challenging times would be a difficult proposition.  Yet is indeed critical as the rising Gold prices would result in the rise in value of jewellery to be stored safely.

This partnership with ICICI bank, one of India’s largest banks, has been formulated to provide respite and peace of mind to the jewellers and help them secure their showrooms and assets to keep their customer’s trust intact. Through this program, we have prioritized the security, accessibility, and convenience of a jeweller to seek loans.”