Home Economy Reliance Money enters gold retailing business

Reliance Money enters gold retailing business


Jaipur : Reliance Money, part of the Anil Dhirubhai Ambani Group, Thursday announced its foray into retailing of gold coin after it tied up with Swiss precious metal refining major Valcambi.

With this, the company will sell 24 carat 999.9 pure gold coins in denominations of 5gm and 8gm at its select Reliance Money and Reliance World outlets of Reliance Communications.

“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 while addressing a press conference here Thursday.

He said that India is a biggest market for gold. The country imports over 800 tonnes of gold a year.

The launch comes within a month of Reliance Money’s foray into distribution of a range of financial products and services 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” said Michael Mesaric, MD, Valcambi SA.

Valcambi is a global leader in precious metal refining. It operates one of the world’s largest integrated precious metals plants at Balerna, Switzerland.

Its precious metals refinery is one of the largest such facilities in the world. In 2004, its plant treated over 600 tonnes of precious metals.