'Reliance Money' to foray into gold retailing

Mumbai, May 3 (UNI) The Anil Dhirubhai Ambani Group's 'Reliance Money' today unveiled plans to retail its own brand of Gold coins, in exclusive partnership with Swiss-based precious metal refining major Valcambi, making it the first non-banking private sector company to retail Gold coins in the country.

''Gold has always been an important element of Indian tradition.

Even today, it is an important financial investment. India is the largest consumer of gold in the world and we feel that it is important to add this to our portfolio of existing products and services,'' Reliance Money CEO Sudip Bandyopadhyay said in a statement here.

The 24 carat 999.9 pure Gold coins, with a purity certification from the Swiss company, would be sold in the denominations of 5 gm and 8 gm at Reliance Money as well as Reliance World outlets of Reliance Communications, for which Reliance Money has already opened 2,500 outlets in the country.

''We are happy to partner with Reliance Money for precious metals and would continue to offer high quality of precious metals to Indian consumers through this partnership,'' Valcambi SA's Managing Director Michael Mesaric said.

UNI