MMTC targets selling 700 kg gold coins

KOLKATA: MMTC Ltd hopes to sell 700 kg of Indian Gold Coins in the upcoming festive season, when Indians buy gold as a mark of prosperity.
With prices of gold appreciating 25 per cent since the beginning of this year and analysts indicating that gold prices will remain firm, the state-run firm has stepped up production of the national coin at the government mint in Mumbai.

The company is also leveraging the trading network of its Singapore-based fully-owned subsidiary MMTC Transnational Pte to sell the gold coins in global markets where there is a strong presence of Indian diaspora.

“There will be a good demand for these coins during the Dhanteras-Diwali period. So we are creating a stock for these gold coins. We are seeing good sales of Indian Gold Coins in the ongoing Onam,” Ravi Kishore, general manager (precious metals –retail) at MMTC told ET.

The coins were well accepted at the recently held Singapore jewellery show. “These gold coins are seen more as a national product than an investment option,” said Kishore.

T he Indian Gold Coin is the first BIS hallmarked national gold coin with the Ashoka Chakra engraved on one side and image of Gandhiji’s face on the other. The coin is currently available in 5 gram and 10 gram along with an Indian Gold Bar of 20 gram. The coin carries advance counterfeit (security) features and tamper-proof packaging.