Religare Enterprises Ltd (REL) has entered the standardized branded gold coin market and announced the launch of 'Swarna Mudra' gold coins & bars, which will be distributed through Religare Bullion Ltd.
The gold coins are manufactured and certified according to international standards by MMTC for 999 quality guarantee and will be available in denominations of 2, 5, 8 and 10 gms.
By keeping pricing flexible, Religare is looking to bridge the gap offered by traditional market players and banks.
Religare has kept lower denominations of coins to specifically target masses in urban and rural areas.
It makes strategic sense to launch gold coins as investment tool for diversification of portfolio and to cater to the ever growing need of buying gold.
Demand for gold coins has increased by 154% over last year because of low product risk and better storage value than jewellery.
According to the company, not only has gold been an important element in Indian tradition, but today, it has become an important asset class. Seeing the growing popularity and demand for gold by consumers across all strata of society, Religare's Swarn Mudra is a gold coin initiative, a pure gold coin, in low denominations, made available to its ever increasing customer base to provide a highly liquid and low risk product.