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About a year after launching gold and silver coins, the bullion dealers’ and jewellers’ body, India Bullion and Jewellers Association (IBJA), has tied up with the Rajesh Wadhawan Group for exclusive retailing of specialised gold coins.
The unique concept here is that the company offers customized coins with the buyer's face and nickname embossed on it to make it very personal and closed to the heart of the owner. For this, however, the company is selling on a maximum retail price (MRP) basis with the price fixed at Rs 38,000 as against the market price of Rs 31,000 for 10 grams of gold coin. This means, IBJA charges a premium of nearly 23 per cent.
“This is the exclusive gold retailing right given to the Rajesh Wadhawan Group to use IBJA name and logo on the coin. For the trust we have built for nearly a century, we would be holding 10 per cent share in the venture -– IBJA Gold Pvt Ltd -- floated for gold retailing while the Rajesh Wadhawan Group would hold the remaining,” said Surendra Mehta, Secretary, IBJA.
Under the banner of IBJA, the venture has opened its first flagship store at Bandra and aims to expand to 50-100 stores through franchise route across major cities in the next two-three years. The company plans to generate a revenue of Rs 500-1,000 crore in the next three years.
“The launch of IBJA Gold will create an additional market for gold without having impact on existing online or offline players. Gold demand, however, would depend upon prices in the physical market this festive season,” said Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions and Director, IBJA.
IBJA Gold has introduced over 300 designs showcased in the store, crafted and cast with purity. IBJA Gold coins are truly unique and are easily customisable according to your taste and requirement. There's a ready-to-buy range of coins in various themes which includes special greetings, alphabets, numerics, zodiac signs, devotion, fitness, royals, wildlife, and pride of India.
Deepak Tulsian, Business Head- jewellery, Rajesh Wadhawan Group, said, “The uniqueness of this concept is that a customer can get their name, symbols, initials, important dates or any significant things embossed on the coin. Very soon, we are planning to introduce gold ATMs (vending machine) also at important locations including our retail shops, airports etc. for customers to avail a gold coin of difference.”
The company also to introduce a similar concept in silver in near future along with online foray.
