Home CITY UPDATES Govt plans to sell gold coins with ‘Gandaberunda’ emblem

Govt plans to sell gold coins with ‘Gandaberunda’ emblem

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Gold jewellery shops in partnership with private jewellers on the anvil: Minister

BENGALURU:

In a pioneering step, the state government is planning to open jewellery retail outlets and promote the yellow metal with the ‘Brand Karnataka’ image. The state government is also planning to sell gold coins with the state emblem and aiming to partner with private jewellers.

Karnataka has the unique distinction of being the only state in India that produces gold. The government is exploring the possibility of opening jewellery retail outlets by tying up with private jewellers. “Gold bars will also be sold in the retail outlets. The government is planning to produce gold jewellery on the lines of state-run Mysore Silks and Mysore Sandalwood Soaps. which have a huge market and reputation among customers,” Minister for Mines & Geology Murugesh R Nirani told reporters after a meeting with the Jewellers’ Association and jewellery designers at Vikasa Soudha on Thursday.

Emblem, proof of purity

The government is also planning to produce and sell gold coins with the state emblem, ’Gandaberunda’ (a mythical two-headed bird) embossed on them. The idea is to attract more customers since the state emblem will be a guarantee of the metal’s purity.

“This landmark initiative will help the government generate more revenue and employment opportunities. Since gold is one of the most popular investment choices of people, the government’s venture is expected to achieve great success,” Nirani said.

Initially, retail outlets will be opened in Tier-1 cities and based on the response from customers, outlets will be opened in Tier-2 cities.

Gold SEZ in Kalyana Karnataka

The government is also planning to set up a Special Economic Zone (SEZ) exclusively for jewellery, as well as a jewellery park, in the Kalyana Karnataka region for the overall development of this backward region.

Hutti output to increase

As part of its plan to increase gold production and open jewellery retail shops, the government is aiming to modernise and enhance the capacity of Hutti Gold Mines. The government is planning to rename Hutti Gold Mines Ltd as Karnataka State (Hutti) Gold Mines Ltd. Production of gold from the mines will be increased from 1,700 kg to 5,000 kg.

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