Mumbai: Indian Gold Coin currently available at select branches of four Indian banks – Indian Overseas Bank, Federal Bank, Vijaya Bank and Yes Bank
The Indian Gold Coin is among the key initiatives of the gold monetisation programme launched by Prime Minister Narendra Modi on 5th November 2015 and is the country’s first sovereign gold coin. A detailed study commissioned by the MMTC and the World Gold Council (WGC) further reiterates the growing demand of the Indian Gold Coin among consumers. The report titled ‘India’s gold investment evolution, Indian Gold Coin: An introduction to branded gold coins’ highlights consumer preferences mapped against a wide range of parameters like awareness, relevance, uniqueness, size and accessibility. The report is based on a survey conducted by Nielsen India amongst 1,180 respondents from eight top-tier Indian cities – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Kochi.
Some key findings of the research:
- There is a clear preference for an Indian Gold Coin over regular, unbranded coins.
- The most appealing characteristics of the Indian Gold Coin are its guaranteed purity, its standard features, Government backing and the Make in India imprimatur.
- Banks and branded jewellers are the preferred channels to purchase the Coin.
- The most popular denominations are two, five and ten grams.
- Consumers are most likely to buy the Coin during Diwali or as gifts for birthdays, marriages and other special occasions.
Ved Prakash, CMD, MMTC said, “We have successfully sold Indian Gold Coins to the tune of 185 kgs since launch. The research echoes consumers’ preference for the Indian Gold Coin as it is backed by the government and is a quality product. Apart from MMTC outlets, the Indian Gold Coin is currently available at four banks – Indian Overseas Bank, Federal Bank, Vijaya Bank and Yes Bank. The total number of outlets is close to 200 and in the near future, our focus is to strengthen distribution by signing up more banks and India Post to ensure it’s available to consumers across the length and breadth of the nation.”
Somasundaram PR, Managing Director, India, World Gold Council said “As distribution expands, the Indian Gold Coin will emerge as the preferred form of gold investment in India as well as for purchases during festivals and for gifting on special occasions. The Indian Gold Coin also fills a gap in the international basket of national gold coins.”
The Indian Gold Coin is currently available in denominations of 5 and 10 grams coins and a 20 grams bar. The coins have Ashoka Chakra engraved on one side and the face of Mahatma Gandhi on the other. The coins are priced in a transparent and competitive manner. Hallmarked by BIS, the security of the Indian Gold Coin is guaranteed through tamperproof packaging and advanced anti-counterfeit features making it very safe. The coins are of 24 karat purity and 999 fineness assuring consumers of absolute purity. The Indian Gold Coin is currently one of the purest forms of gold available in the country and is ‘Minted in India’.
Indian Gold Coin is brought to the public under the Indian Government’s vision of “Make in India” and under the Gold Monetisation Scheme. The government has mandated MMTC Ltd., A Government of India Enterprise, under the Department of Commerce, Ministry of Commerce & Industry to execute the Indian Gold Coin. The coin is currently retailed through select Indian Overseas Bank branches (IOB), Federal Bank branches, Vijaya Bank branches, Yes bank branches and 20 of MMTC outlets nationally. Two branches of Phulkari in Chandigarh and New Delhi also sell Indian Gold Coin. These coins are minted by the India Government Mint – Security Printing and Minting Corporation of India Limited (SPMCIL) and hallmarked by the Bureau of Indian Standards (BIS). The World Gold Council is the marketing associate in this venture to create awareness about the coin.
