Reliance Money launches new gold coins with India Post logo

Mumbai, Oct 18 (IANS) Anil Ambani group company Reliance Money Infrastructure Limited (RMIL) Monday launched new gold coins with the India Post logo to capitalise on the festive fervour in the country.

The company, part of Reliance Capital, also launched a special promotional offer, under which it would give a 0.5 gram of gold coin free on every purchase of 10 grams. This offer would be available to customers for the entire month of October up to Diwali.

‘India is the largest consumer of gold globally and traditionally gold is bought during festive seasons like Diwali. We expect to achieve 50 percent of our yearly sales target during this festival itself,’ said Vikrant Gugnani, Director, RMIL.

Research reveals Indians privately hold around 18,000 tonnes and buy around 700 tonnes of new gold every year.

RMIL targets to more than double its gold coins sales to 600 kg by the end of the current financial year and aims to be the largest gold coin retailer in the country in the next two years.

The company is expanding its distribution reach to 850 India Post outlets across India, up from the current 632 India Post offices, as part of its drive to reach the remotest parts of the country.

Currently, the company’s gold coin range includes gold coins in the 0.5 gram, 1 gram, 5 gram and 8 gram denominations.

Besides India Post, the entire range of pure gold coins would also be available across Reliance Money, Reliance World and the company’s partner outlets across the country.