The humble post office is the latest organisation to get into the gold act in India. Standard 24 carat gold coins have been selling like hotcakes at over 466 post offices dotted throughout the country.
Despite the current high price, Indian consumers have been buying small quantities of coins to give as gifts during the festival season. With the spring, harvesting and wedding season all in full swing in India, demand for the yellow metal has shown a substantial climb.
The gold coins are manufactured by Valcambi in Switzerland. Apart from enhancing the revenue of the postal department and services, the move has enabled us to usher in a new image of the India Post as a modern and relevant organisation. Gold coins are showing to have an immense pull-factor with the younger generation,'' said a postal official, requesting anonymity.
In the first phase of the project, gold coins in the denomination of half gram, one gram, 5 grams and 8 grams were sold in over 100 post offices in Delhi, Tamil Nadu, Maharashtra and Gujarat. The initiative was then introduced in Punjab, Andhra Pradesh and Rajasthan.
Post offices have also been selling gold at a 5%-7% cheaper rate than banks such as ICICI Bank, Axis and HDFC Bank, all of which has helped the growth momentum.
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Gold industry has been very popular in India. It's really everywhere.
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