Reliance Money, investment product distribution arm of Anil Dhirubhai Ambani Group, is foraying into retailing of its own brand of gold coins, which would be made exclusively by Swiss precious metal refining major Valcambi.
The company announced in Jaipur on Thursday a partnership with Switzerland's Valcambi SA as well as the launch of the gold coins, while becoming the first non-banking private sector company to retail gold coins in India.
"Gold has always been an important element of Indian tradition. Even today, it is an important financial investment. India is the largest consumer of gold in the world and we feel that it is important to add this to our portfolio of existing products and services,"
Reliance Money CEO Sudip Bandyopadhyay told reporters.
The 24 carat 999.9 pure gold coins, with a purity certification from the Swiss company, would be sold in the denominations of 5gm and 8gm at the Reliance Money as well as Reliance World outlets of Reliance Communications.
Reliance Money has already opened 2,500 outlets in the country.
The company said the coins would be sourced with highest purity from Valcambi through the tie-up with the Swiss firm.
"We are happy to partner with Reliance Money for precious metals and would continue to offer high quality of precious metals to Indian consumers through this partnership," Valcambi SA Managing Director Michael Mesaric said.
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