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 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 2 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 3 Reading Festival 2014: Tesco branch replaces salad with Jager and potatoes for vodka as campsite opens tomorrow
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Celebrity Big Brother 2014: Audley Harrison meets Kellie Maloney: 'Was Kellie really the best you could come up with?'
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...
£30000 - £44000 per annum + Bonus+Benefits+Package: Harrington Starr: Web deve...
£40000 - £65000 per annum + benefits+bonus+package: Harrington Starr: Senior A...
£35000 - £45000 per annum + benefits+bonus+package: Harrington Starr: Web deve...