New Delhi, Oct 15 (UNI) Anil Ambani-owned Reliance Money today introduced tiny 24 carat gold coins weighing half and one gram in their dedicated stores.
Relaince Money is the first company in the country to offer gold coins in lower denominations.
''This move bring about a paradigm shift in the gold retailing space in the country. With these coins the company aims to tap the large gifting market in the country,'' company's CEO and Director Sudip Bandyopadhyay told reporters here.
The gold coins would be available across the country at Reliance Money, Reliance World and Reliance Money partner outlets, Mr Bandyopadhyay said.
Reliance money imports 24 carat gold coins with 999.9 purity from Valcambi SA, the largest gold refining company, in sealed cover with Swiss Assyar's certificate for retailing in the country.
''World Gold Council is extremely pleased to be associated with Reliance money in its initiative for retailing of gold coins. The credibility of Reliance Money and Valcambi, coupled with Reliance's unique distribution strength, would definately make its venture a great success and significantly expand the gold coin retailing market in India, '' World Gold Council Managing Director Ajay Mitra said.
As a festival bonanza, the company also announced an offer wherein the company would also provide a free silver coin with the purchase of a gold coin ranging between half to eight grams. The scheme lasts till Diwali.
The company has massive expansion plans over the next few years.
The company is currently in 727 cities/towns and is planning to be in 5,165 cities/towns by December 2008.
''We are also planning to set up online kiosks across the country. By December 2008, we intend to have 10,000 outlets from existing 3,247 kiosks,'' Mr Bandyopadhyay said.