Karnataka To Launch Its Own Gold Coins With State Emblem Embossed

The retail outlets would be opened in Tier-1 cities first, and then in Tier-2 cities based on customer demand.

Karnataka is planning a staggered roll-out of its own gold jewellery showrooms across the state, according to Mines and Geology Minister Murugesh R Nirani. Nirani said that the retail outlets would be opened in Tier-1 cities first, and then in Tier-2 cities based on customer demand.


The state is considering to Kickstart jewellery retail outlets and sells under its own brand. In collaboration with private jewellers, the government has planned to sell gold coins bearing the official state emblem. Karnataka is India's only state to produce gold from its mines.


Nirani said the state emblem 'Gandabherunda' (a two-headed bird from Hindu mythology believed to possess tremendous magical strength and also the royal insignia of the erstwhile Mysore kingdom) will be embossed on gold coins and bars.


Gold bars and coins will also be available in retail outlets, according to the Minister. "Our gold showrooms will be similar to the state-run Mysore Silks and Mysore Sandalwood Soaps, which have a large presence and a good reputation," he said.


"We are exploring the possibilities of opening jewellery retail outlets by tying up with private jewellers. The state will produce jewellery and operate shops with the participation of private entities," he told reporters.


"The idea of selling gold coins with this emblem is aimed at attracting more customers since the yellow metal is produced by the state, its purity is guaranteed and there is no question of pilferage as is done by some private jewellers," he added.

India Scanner News Network

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