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Reliance Money to tap unorganised gold market

Posted on Nov 28, 09:47PM | IANS

Looking to tap the Rs.14,000 crore worth unorganised gold market in Haryana and Chandigarh, Reliance Money Precious Metals Pvt. Ltd. (RMPM), a Reliance Capital company, and the World Gold Council Wednesday announced they would tie up with 10,000 jewellers in the region.

Announcing their gold accumulation plan here, Reliance Money officials said that over 100,000 customers will be enrolled within one year.

The 'Reliance My Gold Plan' was launched by Rishit Sanghvi, business head-gold, Reliance Money, and Amresh Acharya, director-investment, World Gold Council.

They said the plan offers customers the opportunity to start accumulating gold using a daily average pricing methodology. A minimum subscription of Rs.1,000 per month translates into accumulation of gold for as low as Rs.50 per day.

"The World Gold Council has successfully launched gold accumulation products in China and Japan. The plan makes gold accumulation transparent and straightforward, allowing customers to convert accumulated gold grams into coins or jewellery at multiple outlets across India. Reliance Money's distribution network and extensive experience in handling gold products in India makes them the ideal partner for us," Acharya told newspersons here.

"Reliance My Gold Plan aims to change the way consumers accumulate gold. North India accounted for nearly 15 per cent of total gold consumed in India last year. Most of this gold was sold through the unorganised sector," Sanghvi said.