2016-05-05 Thu

World Gold Council has asked the Indian government to increase the supply of India Gold coins to encourage people to invest in this precious metal.

WGC officials said that the distribution of coins should be improved as currently they are only available at MMTC outlets and selected banks. They also stressed on the importance of introducing features like buy-back arrangements in banks.

Officials state that a proper a marketing strategy is required to generate the right kind of impact and to resolve the problem of purity and melting loss. Apart from that, temples can deposit gold coins in banks as devotees might want to offer gold coins instead of jewellery. Since the concept is new in India, it will take some time to become more popular. Increased transparency with simple procedures and collection of reasonable taxes will be good for business in the country.

Gold savings is good for the economy as it promotes financial inclusion. Officials suggest that the new generation should be given additional features like gold accumulation benefits.

The concept of Gold Tourism can in introduced by depicting ancient temples on jewellery for visitors to generate a good buying potential.

Gauging form the past trends, experts believe that good monsoon would improve rural income and will in a way increase the sale of gold coins in 2016.