Karnataka govt plans to produce, sell gold coins with state emblem

Bengaluru: 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.

“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.