Gold buying through unique buy-now-pay-later solution: Keyur Shah, CEO, Muthoot Exim, on how he is making gold buying affordable

Gold prices these days are so volatile that from the moment you think of buying gold jewellery to the time you actually buy it, the price rise can outpace your purchasing power. In the last one year, gold prices soared by over 60% on the Multi Commodity Exchange of India (MCX), rising from Rs 93,127 on April 14, 2025, to Rs 1,49,491 on April 13, 2026. When it comes to buying jewellery, customers also need to pay making charges and the Goods and Services Tax (GST). A low-income individual may find it extremely difficult to buy gold in such a scenario.

Keyur Shah, CEO of Muthoot Exim, has a solution for it. In a conversation with Naveen Kumar and Shaghil Bilali of ET Wealth Online, he revealed how his company is bridging this gap by selling gold to low and middle-income customers at locked-in prices and after a 15% down payment.

ET Wealth Online: What is Muthoot Exim’s buy-now-pay-later product?


Keyur Shah: Muthoot Exim sells gold savings products like jewellery and coin to customers from low and middle income groups. The company has a product called Swarnavarsham for it.

We have a structured gold purchase scheme that is designed to make jewellery more affordable and transparent, similar to buying consumer durables on equated monthly instalments (EMIs).

ET Wealth Online: How does the buy-now-pay-later scheme work?

Keyur Shah: Customers first select the jewellery piece (with clear details on weight, purity, and price), pay a 15% down payment, and lock in the price at the time of buying. For the remaining amount, it can be paid in flexible installments over 3 to 9 months (daily, weekly, or monthly). The company guarantees full price protection regardless of market fluctuations.

ET Wealth Online: What is the payment tenure capping for purchasing gold from Muthoot Exim?

Keyur Shah: The payment tenure is capped at nine months to ensure compliance with the Companies Act, which requires the completion of sale and delivery within 12 months.

The shorter tenure also provides a buffer for low-income customers who may face payment delays, giving additional time to either complete payments and take delivery or cancel the purchase and receive a refund.

ET Wealth Online: What happens if a customer fails to pay the price of gold?

Keyur Shah: The scheme offers transparency and a clear cancellation policy where customers can exit and receive a refund based on the prevailing value of their payments.

The company offers three flexible options to customers in case they cannot continue or choose to exit. Their options are-

Cancellation: Customers can cancel and receive a refund based on the current gold price.

Downsize purchase: Customers can use the amount already paid to buy a smaller jewellery item.

Transfer option: The plan can be transferred to a relative or friend who can continue the payments.

ET Wealth Online: Does the company charge some interest on gold customers’ instalments?

Keyur Shah: There is no interest charged since it is similar to buying any product on EMI wherein the exact product, model, specifications and the total amount is fixed upfront, proforma invoice raised and then the customer is given a choice to make the balance payments in easy installments in 3-6-9 months. With the 15% down payment collected from customers at the time of fixing the exact product-specifications and amount, the gold is hedged on the commodity exchanges to protect against gold price fluctuations.

ET Wealth Online: How does the company sell gold at locked-in prices in a volatile market where rates can rise considerably in a year?

Keyur Shah: The company relies on hedging through commodity exchanges, where forward contracts are used and periodically rolled over to lock in prices and depending on the payment tenure chosen by the customer, these contracts are rolled over as applicable. The associated rollover costs are factored in and transparently communicated to customers as charges for offering flexible, easy payment options.

Despite recent market disruptions, such as premium differences caused by global factors like tariffs and geopolitical tensions, the company absorbs these risks to protect customers.

ET Wealth Online: Lower, middle or upper income segment? What is the company’s core customer segment?

Keyur Shah: The company’s aim is to make gold ownership more accessible and flexible for low- and middle-income segments.

The broader objective is to promote gold as a reliable and time-tested savings instrument in India—particularly for those with limited access to formal financial investment options—while making the process more transparent, compliant, and convenient.