Gold rush in Karnataka: Govt all set to operate jewellery stores across the state

The government is planning to have its own chain of retail gold jewellery outlets in the state of Karnataka.

Bengaluru: While the state has already made its mark with the silk and soap industry with the Mysore silk & Mysore Sandal brands now the govt looks to tap into the gold business. The state government is planning to open jewellery retail outlets across the state.

As a part of the plan gold coins embossed with the Gandaberunda symbol (The state emblem) will be made available for sale. Karnataka which produces its own gold through the Hutti gold mines will get into the retail business through the mines and geology department.

“Gold bars will also be sold in the retail outlets. The state government is planning to produce gold jewellery on the lines of state-run Mysore Silks and Mysore Sandalwood Soaps which have a huge market and reputation among customers. This landmark initiative will help the 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,” minister for mines & geology Murugesh R Nirani said in this regard.

The state government has grand plans of increasing the production at the Hutti gold mines, while the state-run brands like Mysore Silks and Mysore Sandalwood Soaps have seen a fair bit of success we will have to wait & watch how much of an impact this new move of venturing into the retail gold business will have in the state.

Courtesy: Times Now News