Indian consumers prefer Indian Gold Coin: WGC-MMTC study

The Indian Gold Coin is part of Indian PM Narendra Modi’s Make in India initiative
Indian consumers prefer Indian Gold Coin: WGC-MMTC study

A detailed study commissioned by the MMTC and the World Gold Council (WGC) and entitled ‘India’s gold investment evolution, Indian Gold Coin: An introduction to branded gold coins’, reiterates the growing demand of the Indian Gold Coin among Indian consumers.

The Indian Gold Coin is among the key initiatives of the gold monetisation programme launched by Prime Minister Narendra Modi on 5th November 2015 and is the country’s first sovereign gold coin.

The report highlights consumer preferences mapped against parameters like awareness, relevance, uniqueness, size and accessibility. According to the report, consumers prefer the Gold Coin over regular, unbranded coins more so due to the guaranteed purity, standard features, Government backing, purchase from branded jewellers and banks and the Make in India initiative. Also, consumers showed a preference to purchase the coins as a gift on special occasions and in denominations of two, five and 10 grams.

The coins come in 24 karat purity and 999 fineness in denominations of 5 and 10 grams coins and a 20 grams bar, with the Ashoka Chakra engraved on one side and the face of Mahatma Gandhi on the other. The coins are priced in a transparent and competitive manner and hallmarked by BIS. It comes with tamperproof packaging and advanced anti-counterfeit features.

Apart from MMTC outlets, the Indian Gold Coin is currently available at four banks – Indian Overseas Bank, Federal Bank, Vijaya Bank and Yes Bank.

Somasundaram PR, Managing Director, India, World Gold Council said “As distribution expands, the Indian Gold Coin will emerge as the preferred form of investment gold in India as well as for purchases during festivals and for gifting on special occasions. The Indian Gold Coin also fills a gap in the international basket of national gold coins.”

Ved Prakash, CMD, MMTC said, “We have successfully sold Indian Gold Coins to the tune of 185 kgs since launch. The total number of outlets is close to 200 and in the near future, our focus is to strengthen distribution by signing up more banks and India Post to ensure it’s available to consumers across the length and breadth of the nation.”

The government has mandated MMTC Ltd., A Government of India Enterprise to execute the Indian Gold Coin, while World Gold Council is the marketing associate in this venture.

The report is based on a survey conducted by Nielsen India amongst 1,180 respondents from eight top-tier Indian cities - Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Kochi.

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