Karnataka Govt Plans to Produce, Sell Gold Coins With State Emblem | Business Standard News

The Karnataka government is
planning to open jewellery retail outlets and promote the yellow metal with ‘Brand Karnataka’ image.

The Karnataka government is

planning to open jewellery retail outlets and promote the yellow metal with ‘Brand Karnataka’ image.

The government is also planning to produce and sell gold coins with state emblem ‘Gandaberunda’ (mythical two-headed bird) embedded in them, and aiming to partner with private jewellers.document.write(““);googletag.cmd.push(function(){googletag.defineOutOfPageSlot(‘/6516239/outofpage_1x1_desktop’,’div-gpt-ad-1490771277198-0′).addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();});

“Gold bars will also be sold in the retail outlets. The state government is planning to produce gold jewellery on the lines of Mysore Silks and Mysore Sandalwood Soaps which have huge market and reputation among customers,” Minister for Mines & Geology Murugesh R Nirani.

He was speaking to reporters after a meeting with Jewellers Association and jewellery designers here.

“This landmark initiative will help government generate more revenue and employment opportunities.

Since gold is one of the most popular investment choices of the people, the government’s venture is expected to achieve great success,” Nirani said.

The success of Mysore Silks promoted by Karnataka Silk Industries Corporation Ltd (KSIC) and Mysore Sandalwood Soaps promoted by Karnataka Soaps and Detergents Ltd (KSDL) has prompted the decision to produce gold coins, jewellery and run shops with brand Karnataka promotion.

Initially the retail outlets will be opened in Tier-1 cities and based on customer response they will be opened in Tier-2 cities.

The government is also planning to set up a Special Economic Zone exclusively for jewellery in the ‘Kalyana Karnataka’ region, where it is proposing to set up a jewellery park in one of the locations.

The government is also planning to rename Hutti Gold Mines Ltd as Karnataka State (Hutti) Gold Mines Ltd.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor