British Royal Mint makes first gold sovereigns in India in century

LONDON Mon Feb 18, 2013 4:14pm IST

Britain's Prime Minister David Cameron addresses an audience at the headquarters of the B&Q home improvement store in Eastleigh, southern England February 14, 2013. REUTERS/Ben Gurr/Pool

Britain's Prime Minister David Cameron addresses an audience at the headquarters of the B&Q home improvement store in Eastleigh, southern England February 14, 2013.

Credit: Reuters/Ben Gurr/Pool

Related Topics

LONDON (Reuters) - Britain's Royal Mint has started to manufacture gold sovereign coins in India for the first time in almost 100 years, it said on Monday.

Indian residents have been unable to buy commemorative sovereigns since 1918, when the Royal Mint operated a branch in the country, producing 1.3 million coins in a single year.

The first production run will be for 50,000 pieces and will be available in the market immediately, the Royal Mint said in a statement that coincided with British Prime Minister David Cameron's visit to India.

The commemorative sovereigns will be produced by Indian gold producer MMTC-PAMP using tools and techniques developed by the Royal Mint in its South Wales facility.

India is the largest consumer of gold, with gold coins playing a key role in wedding ceremonies and festival celebrations throughout the year.

The country's gold medal market is estimated at around 80 tonnes a year by consultancy Thomson Reuters GFMS.

(Reporting by Clara Denina; Editing by Anthony Barker)

FILED UNDER:
  • Most Popular
  • Most Shared

Expanding Ties

REUTERS SHOWCASE

Obama's India Visit

Obama's India Visit

Obama to visit India in January for constitution ceremony, meet with Modi  Full Article 

Economic Reform

Economic Reform

Long "to do" list for Modi as clock ticks on reform  Full Article | Related Story 

Child Marriage

Child Marriage

United Nations members resolve to end child marriage.  Full Article 

Power Woes

Power Woes

India to invest $4 billion to tackle power theft.  Full Article 

Shows Cancelled

Shows Cancelled

Bill Cosby loses Las Vegas show after sex assault claims.  Full Article 

Athletes of Year

Athletes of Year

Frenchman Lavillenie, Kiwi Adams are Athletes of Year.  Full Article 

Islamic State

Islamic State

Canadian vets plan to join Kurdish fight against Islamic State.  Full Article 

Japan Politics

Japan Politics

Japan PM seeks referendum on "Abenomics" in snap election.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage