Reliance Money will shortly Bring Lower Gold Coin Variants
New Delhi: To cash in on festive excitement, Reliance Money, part of ADAG’s financial services unit Reliance Capital, will launch low-end variants of gold coins weighing as low as half a gram.
Sudip Bandyopadhyay, Reliance Money CEO said, “We are planning to launch gold coins of 0.5 gm, 1 gm and 2 gm before Diwali to meet the demand from lower-income segments.”
Mr. Sudip added that a coin weighing half gram would cost Rs 500 a unit whereas those weighing one gram would cost 1,000.
At present, Reliance Money provides coins of 5 gm and 8 gm priced at Rs 5,200 and Rs 8,000 correspondingly exclusive of taxes.
India is the world’s biggest gold importer with total demand of about 800 tonne annually, out of which 10% or 80 tonne are the in the form of gold coins.
The country’s Rs 8,000 crore gold coin market is commanded by unorganised neighbourhood jewellery stores.
Out of the prearranged market of four tonne, ICICI Bank leads the market with a share of about 2.5 tonne, whereas Tata Group’s jewellery retail unit Tanishq makes up for 0.75 tonne.
Reliance Money will sell its own branded gold coins it is importing from Switzerland through its outlets across India.