MMTC-PAMP aims to sell 1.5 lac Royal Mint's Sovereign this yr

MMTC-PAMP India aims to increase sale of the Royal Mint's gold Sovereign commemorative coins in the country by over 80 per cent to 1.5 lakh pieces this year and is in the process of expanding its distribution network.
In early 2013, The Royal Mint had licensed MMTC-PAMP to strike and market the commemorative Sovereign in India, for the first time since 1918 when the The Royal Mint operated a branch mint in India for a single year.
The Sovereign, which is 22 carat gold, features the same classic Benedetto Pistrucci 'St George and the Dragon' design as the original Bombay Sovereign in 1918.

"At present, we are selling the 'full-Sovereign' in eight grams gold. Last year, we sold 80,000 pieces. This year, we target 1.5 lakh," MMTC-PAMP India Managing Director Rajesh Khosla told PTI.
The company is planning to launch 'half-Sovereign' in 4 grams gold by end of the month and also working to expand its distribution network to boost sales, he said.
MMTC PAMP India, a joint venture between state-run MMTC Ltd and PAMP Switzerland, currently has 80 distribution centres in the country.

"Our current distribution centres are not enough. We are in the process of ramping up the distribution network. In addition to distributors, we are talking aggressively with premium jewellers such as Tanishq and Titan," Khosla said.

The company is also planning to sell the Sovereign coins at Delhi Duty Free shops as it wants Indian consumers to purchase genuine version, he added.
The commemorative Sovereigns being sold in India carry the 'I' mark to show that they are genuine and have been manufactured here by MMTC-PAMP.
India is the world's largest gold consumer and gold coins play a key role in Indian wedding ceremonies and festivals throughout the year.