Tuesday, 11th October 2005 (2645 views)

A 300 metric tonne gold minting plant is to be built in Jaipur in a joint venture entitled HF-MetalArt.

Mumbai-based Clarity Gold and Swiss company Faude & Huguenin (F&H) have announced their intention to build the Rs 40 crore plant in the city of Jaipur, Rajasthan.

Under the arrangement, F&H will hold 60 per cent and Clarity Gold the remaining 40 per cent of the venture.

Production is expected to commence in May 2006, when investment gold bars from 2.5 grams to 50 grams will be produced, as well as gold coins, medals and pins.

Shiv Shanker Gupta, chairman of Clarity Gold, commented: "There is a worldwide market for gold coins and bars. We plan to export 60 per cent of the production from the new plant."

This announcement comes at a time when the Indian government is actively trying to improve gold exports, with a committee created by the ministry of commerce to develop India's gold manufacturing and trading industry.

 

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