The Karnataka government is planning to produce its own brand of gold jewellery and gold coins with the state emblem—Gandaberunda (a mythical bird with two heads)—embossed on it.
The state government is hoping to promote "Brand Karnataka" through its gold jewellery.
"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," said Mines and Geology Minister Murugesh R. Nirani, who is in talks with private entities to open and operate gold retail shops in partnership.
As per the blueprint, the Hutti mines will be modernised and renamed as Karnataka State (Hutti) Gold Mines Ltd. The annual production of gold in the Hutti Gold Mines will be enhanced from 1,700kg to 5,000kg. A special economic zone (SEZ) exclusively for jewellery will be set up in the Kalyana Karnataka region to attract investments and boost growth and overall development in the backward districts.
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"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," said the minister.
The government plans to tie up with private retail outlets in tier-1 cities, and the same model will be expanded to the tier-2 cities, based on the consumer response.
