Goldquest Seeks Rbi Okay To Mint Gold Coins

GoldQuest International, a gold numismatics company, has approached the Reserve Bank of India (RBI) for permission to mint legal tender coins in gold for collectibles market.

The company already mints legal tender coins of the Kingdom of Bhutan in gold as collectibles. In India presently no private mint is allowed to mint the legal tender coins in gold.

The company sells only gold medallion collectibles In India at present. It is planning to widen its range of products including legal tender coins and watches.

The company will also lower its entry level product range to begin with $ 530 as against the international $800 to make it more affordable.

 

Richard Zinkiewicz, director finance, GoldQuest International, said that in India, the company also wants to create awareness about the numismatics and gold collectibles market and is looking to lower their entry level price point.

GoldQuest has set up its headquarters in Chennai. The Indian operations contribute under 10 per cent to the total turnover of US $ 160 million.

As part of its vertical growth plans, GoldQuest in India is seeking permission to set up its own private mint.

Zinkiewicz said,