Jewellery retail outlets to promote the yellow metal with a ‘Brand Karnataka’ image
Bengaluru: The State Government is planning to open jewellery retail outlets and promote the yellow metal with a ‘Brand Karnataka’ image. The Government is also planning to produce and sell gold coins with State Emblem ”Gandaberunda” (mythical two-headed bird) embedded in them, and aiming to partner with private jewellers.
“Gold bars will also be sold in the retail outlets. The Government is planning to produce gold jewellery on the lines of Mysore Silks and Mysore Sandalwood Soaps which have huge market and reputation among customers. Since gold is one of the most popular investment choices of the people, the Government’s venture is expected to achieve great success,” Minister for Mines and Geology Murugesh R. Nirani said. Also, the State is planning to rename Hutti Gold Mines Ltd. as Karnataka State (Hutti) Gold Mines Ltd.
He was speaking to reporters after a meeting with Jewellers Association and jewellery designers in Bengaluru on Thursday. “This landmark initiative will help Government generate more revenue and employment opportunities. Since gold is one of the most popular investment choices of the people, the Government’s venture is expected to achieve great success,” Nirani said.
The success of Mysore Silks promoted by Karnataka Silk Industries Corporation Ltd., (KSIC) and Mysore Sandalwood Soaps promoted by Karnataka Soaps and Detergents Ltd., (KSDL) has prompted the decision to produce gold coins, jewellery and run shops with brand Karnataka promotion.
“Karnataka is the only State in the country that produces gold. Our plan to produce and sell gold coins with the State Emblem ”Gandaberunda” embedded in them is aimed at attracting more customers and it will definitely be a success since the yellow metal produced by the State is guaranteed for purity,” he added.
Initially, the retail outlets will be opened in Tier-1 cities and based on customer response they will be opened in Tier-2 cities. The State Government is planning to set up a Special Economic Zone (SEZ) exclusively for jewellery in Kalyana Karnataka region for the overall development of the region.
Setting up of SEZ will prompt industrialists to make investments in the region and thereby push economic growth and employment opportunities. A jewellery park is also on the cards. The Government is planning to modernise the Hutti Gold Mines and enhance its capacity with a view to double the State’s gold production.
This post was published on March 20, 2021 6:50 pm