Friday, 15th June 2007 (3397 views)

Reliance Money sold 200 kg of gold coins following its launch last month, it has been claimed.

The Reliance Capital subsidiary sold 20,000 coins weighing eight grammes each and 8,000 coins of five grammes since its May launch, Reuters reveals.

Sudip Bandyopadhyay, chief executive officer of Reliance Money, told the news agency that sales had exceeded the company's expectations.

In terms of boosting sales in the future, Mr Bandyopadhyay noted:

"Spreading the network would be the single biggest driver. People in small towns don't have access to investment in gold other than the neighbourhood jeweller."

According to Reuters, yellow metal is an increasingly popular form of investment among consumers, which has in turn had a jostling effect on the gold coin market.

In other related news, a number of gold coins and other golden artefacts have been discovered on a shipwrecked 17th century Spanish galleon.

 

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