Monday, 19th November 2007 (1616 views)

A South African refinery is looking to market gold coins in India in 2008, it has emerged.

According to a Reuters report, Rand Refinery is currently in talks with banks in India regarding the possibility of over-the-counter sales and distribution in early 2008.

Some Indian sellers have said that consumers often prefer to purchase coins, which can then be converted into gold jewellery during the busy wedding season.

According to Johan Botha, Rand Refinery's relationship and project head of global markets, the company currently has minting equipment capable of producing five, eight and ten-gram gold coins.

"We would be extremely happy if we could distribute 200,000 units per annum," he said, speaking at the London Bullion Market Association conference.

Rand Refinery provides 80 per cent of gold production in Africa, excluding South Africa, according to the company website.

As the world's largest single-site smelting and refining institution, it also provides a range of services for both the mining and jewellery industries worldwide.

It has manufactured, marketed and delivered more than 54 million gold coins since 1967.

 

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