Business Idea - Jewellery Rental Plan

Yesterday night when I was on the verge of sleeping, the idea of Jewellery rental just flashed across my mind. After that, I was not able to sleep till 2.30 am. Children have fancy dress competition/dances/dramas in school and they do not buy all this draperies because it is needed only for one day. These are usually taken on rent. Nowadays, giving car on rent (self driven car) has also been started. So, why not jewellery. 

I have two reasons why this should be started. 

First, jewellery is special. It is wore on very special occasions like functions, marriages, parties, etc. Such occasions where we need to look special. If people use jewellery which they have - they will be using same again and again. Secondly, if the function is in another city, they will have to take special care while traveling, so that it is not stolen. If you have the option of renting jewellery, then you would be happy to wear different jewellery for different occasions without repeating the earlier one. You would also not risk carrying that expensive jewellery with you to another city.

Second, accumulating gold is crime. This is my view. In general, public in India have habit of buying gold or accumulating gold. True, gold is the best hedge against inflation. But people don't understand that when they buy gold, this wealth is set aside without use for many generations. You will find even poor people with gold when they should have done some small business using the money against the idle gold. India is so rich country if we consider the gold that people have. But it is not considered. Government also tried to bring a scheme so that people are encouraged to surrender their gold and get interest on it, by still owning it. As you guessed, the scheme did not find many takers. The main reason might be that the gold would be melted. The gold is lying idle in the hands of people and the different temple trusts. 

If such gold jewellery is rented, then people may think of renting the jewellery instead of buying it. They can simply invest this money in other instruments. For the institution who starts the Jewellery rental plan, they can simply take the deposit which would be equal to the cost of actual jewellery and the refund it after taking it back. I cannot arrive at the actual rent to be applied on jewellery but I guess it would be similar on the lines of room rents in hotels, car rents, etc.