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The coins can have the face and names of the owner embossed on them.
About a year after launching gold and silver coins, the bullion dealers’ and jewellers’ body India Bullion and Jewellers Association (IBJA) has tied up with the Rajesh Wadhawan Group for exclusive retailing of specialised gold coins.
The unique aspect of this is the company’s attempt to personalise the coins by embossing the face and nick name of the owner.
However, the company is selling the coins on a maximum retail price (MRP) basis fixed at Rs 38,000 as against the market price of Rs 31,000 for 10 grammes. This means, IBJA charges about 23 per cent.
“This is the exclusive gold retailing right given to Rajesh Wadhawan Group to use the IBJA name and logo on the coin. For the trust we have built for nearly a century, we would be holding 10 per cent share in the venture, IBJA Gold, floated for retailing while Rajesh Wadhawan Group would hold the remaining,” said Surendra Mehta, secretary, IBJA.
Under the aegis of IBJA, the venture has opened its first flagship store at Bandra in Mumbai and aims to expand to 50-100 stores through the franchise route across major cities in the next two-three years.
The company plans to generate a revenue of Rs 500-1,000 crore in three years.
“The launch of IBJA Gold will create an additional market without impacting existing online or offline players. Gold demand, however, would depend upon prices in the physical market this festive season,” said Prithviraj Kothari, managing director, RiddiSiddhi Bullions, and director, IBJA.
IBJA Gold has introduced around 300 designs, which have been showcased in the store, crafted and cast with purity.
IBJA Gold coins are unique and easily customisable according to your taste and requirement.
There's a ready-to-buy range on various themes including special greetings, alphabets, numerics, zodiac signs, devotion, fitness, royals, wildlife, and pride of India.
Deepak Tulsian, business head - jewellery, Rajesh Wadhawan Group, said, “The uniqueness of this concept is that a customer can get their name, symbols, initials, important dates or any significant things embossed on the coin. Very soon, we are planning to introduce gold ATMs (vending machine) including at our retail shops, airports, etc, for customers to avail a gold coin of difference.”
The company also plans to introduce similar a silver coin in the near future along with online foray.
