Reliance Money and TV18 to sell half gram gold coins

Anil Ambani’s financial services arm R-Money has entered into the area of retailing gold coins. Currently, most of the existing players like ICICI Bank, Tanishq and HDFC Bank retail 5 gm and 8 gm coins but ADAG would be introducing half gram and one gram coins to reach a wider customer base.

Last year, around 80,000 kg of gold coins were sold in India, of which ICICI Bank had a share of over 3% while Tanishq was a little over 1%. R-Money expects to match ICICI’s number this year itself.

For distribution, Reliance Money is using its existing sales network, plus all Reliance Webworlds and Reliance Communications outlets. It has also tied up with TV18’s home shopping network, Homeshop 18 for selling gold coins.

This would mean that Reliance Money would increase its distribution network as it can Homeshop 18’s entire viewer base. For Homeshop 18, it would mean a wider product base for its customers.