Striking gold: Royal Mint moves back into Indian market
Monday 18 February 2013
The Royal Mint is heading back into the world’s biggest gold market after nearly a century’s absence as it announced plans to produce sovereigns in India today.
The announcement came on the first day of Prime Minister David Cameron’s three-day trade mission. Cameron said: “It is great to see gold sovereign coins being introduced back into India for the first time in almost 100 years.”
Gold coins play a key role in Indian wedding ceremonies and festivals. More than 250 tonnes of the precious metal were bought for jewellery and investment purposes last year, according to the World Gold Council.
The sovereigns will be produced under licence for the first time, with the Mint receiving a licence payment for every sovereign struck in India, potentially earning around £125 million a year for the Treasury in three years’ time.
The 22-carat sovereigns, weighing 7.98g and 91.7% gold, will be worth around £240 each based on today’s gold prices.
The Mint last operated a branch mint in India for a single year in 1918, to fund exports to Allied countries in the First World War and pay Indian troops. before the mint closed 1.3 million sovereigns were struck.
The coins will be marked with an ‘I’ to reflect their Indian production.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Greece debt crisis explained: A history of just how the country landed itself in such a mess
- 3 People all over the world are getting semicolon tattoos to draw attention to mental health
- 4 Greek debt crisis: Yanis Varoufakis's funniest (and most memorable) quotes
- 5 The biggest first date turnoff has been revealed
Greece debt crisis explained: A history of just how the country landed itself in such a mess
Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Man dies instantly after shooting firework from top of his head
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
Father faces deportation to Thailand after 27 years in Britain for two 'stupid crimes'
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...