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Sunday, February 5, 2023

Forget Silk & Soap, Karnataka Government To Now Sell Gold Jewellery & Coins

A trip to Karnataka would usually end up with two things, buying a gorgeous Mysore silk saree and of course, getting an aromatic sandalwood soap. Now, the Karnataka government will go one step ahead. Apart from purchasing silk and soap, you can soon buy intricate gold jewellery and invest in gold coins at state-run retail stores. Karnataka, the only state in India producing gold wishes to promote ‘Brand Karnataka image through its gold jewellery and coins. Read on to uncover more gold.

Purchase Gold Jewellery & Coins From The Karnataka Govt
The Karnataka government plans to produce its own brand of gold coins and jewellery with the state emblem of a Gandaberunda (a mythical bird with two heads). Through this initiative, the government wishes to promote “Brand Karnataka” According to The Week, Mines and Geology Minister Murugesh R. Nirani stated, “The government will produce and sell gold jewellery, gold bars and coins on the lines of state-run Mysore Silks, promoted by Karnataka Silk Industries Corporation Ltd (KSIC), and Mysore Sandalwood Soaps, promoted by Karnataka Soaps and Detergents Ltd (KSDL), which have a huge market and reputation.”


This Initiative Will Help Increase Employment Opportunities
The minister further added, “We are hopeful that the initiative will be successful as the purity of the yellow metal produced by the state is guaranteed, and gold continues to be one of the most popular investment choices of people. This will also help the government generate more revenue and employment opportunities.” So, you can expect to walk into state-run retail stores and purchase gold jewellery and gold coins with the state emblem embossed on them. Reportedly, to achieve this goal, Hutti mines will be modernised and renamed Karnataka State (Hutti) Gold Mines Ltd. The annual production of gold will be increased from 1,700kg to 5,000kg. This model will initially start in tier 1 cities and later expand to tier 2 cities. Meanwhile, to give you a Midas touch, here’s a 24-carat gold ice cream in Delhi.

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