Description: CARATLOVERS is a monthly jewellery installment scheme where the customer has topay 11 installments and his/her date of maturity would start after 340 days from the date of joining the scheme.
Significance of the Scheme: Enrolling in this scheme signifies an advance for purchase of diamond jewellery at a later date.
Validity: CARATLOVERS allows you to pay 11 fixed monthly installments of a minimum Rs. 2,000 or above (multiples of Rs. 1,000). You pay one installment each month. More than one installment in a single month is not permitted.
Installment Payment: In any event when the customer fails to pay installments for any 2 months continuously, DIAMONDTREE will suspend the scheme and refund only the principal amount paid by the customer into his/her bank account directly without any prior intimation within 7 working days of suspension of scheme.
Redemption: The customer is mandatorily required to redeem his/her account before 365 days from the date of payment of the first installment. No refund is provided in case the item purchased is of lesser value than the redemption amount.
Post Maturity: In case the customer does not redeem within the set tenure, he/she will be refunded only the principal amount paid by him/her without any benefits after the 365th day (within 7 working days) into their registered bank account directly without prior notice.
Category Eligibility: Monthly installments paid under the scheme can be used only against the purchase of diamond jewellery at DIAMONDTREE Store. Gold Jewellery and Gold Coin cannot be purchased against the installments paid under CARATLOVERS.
Documents Required: CARATLOVERS holders are required to provide a copy of his/her government issued Photo ID like Ration Card/ Passport/Aadhar/Driving License/Voter ID & a cancelled cheque/bank details at the time of enrollment. For transactions amounting to Rs. 2,00,000 (two lakh) or above, its mandatory for the customer to provide a copy of Pan Card.
Refund/Premature Closure: Customers are allowed to withdraw the installments they have already paid, at any time before the maturity date by submitting the Foreclosure Form, only up to the amount of principal and in their respective bank accounts only. No discount or any other benefit by way of interest or otherwise would be given. DIAMONDTREE shall refund the amount within 7 working days from the date of receipt of ForeclosureForm.