Reliance Money ties up with Swiss company to enter gold retailing
03 May 2007
Mumbai:
Reliance Money, the investment product distribution arm of Anil Dhirubhai Ambani
Group, is entering the retailing business with gold coins from Swiss precious
metal refining major Valcambi.
Coins of 24 carat gold, with a 999.9-purity certification from the Swiss company, would be sold in the denominations of 5gm and 8gm at the Reliance Money as well as Reliance World outlets of Reliance Communications, the company said at the launch of the gold coins.
The company, which also announced the partnership with Switzerland''s Valcambi SA for the gold retailing business, becomes the first non-banking private sector company in India to do so.
"Gold makes a good investment as it also acts as a hedge against inflation. People will buy coins as it is easy to exchange and store, while in the case of jewellery there is no surety on purity and involves additional costs related to making charges," Reliance Money CEO Sudip Bandyopadhyay said.
"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," he added.
"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 managing director Michael Mesaric said.
Reliance Money already has 2,500 outlets across the country.
Coins of 24 carat gold, with a 999.9-purity certification from the Swiss company, would be sold in the denominations of 5gm and 8gm at the Reliance Money as well as Reliance World outlets of Reliance Communications, the company said at the launch of the gold coins.
The company, which also announced the partnership with Switzerland''s Valcambi SA for the gold retailing business, becomes the first non-banking private sector company in India to do so.
"Gold makes a good investment as it also acts as a hedge against inflation. People will buy coins as it is easy to exchange and store, while in the case of jewellery there is no surety on purity and involves additional costs related to making charges," Reliance Money CEO Sudip Bandyopadhyay said.
"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," he added.
"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 managing director Michael Mesaric said.
Reliance Money already has 2,500 outlets across the country.