Reliance Money eyes 1 lakh customers for monthly gold plan

CHANDIGARH: Reliance Money Precious Metals, a part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, today said it is eyeing to tap one lakh customers for its newly launched gold plan by March 2013.

"We are targeting one lakh customers by March 2013 for our Reliance My Gold plan," Reliance Money Precious Metals, Business Head-Gold, Rishit Sanghvi, told reporters here today. He further said that the company would also expand its reach by raising number of distributors and network locations across the country.

"We will increase the strength of distribuors from 1,800 to 4,000 by next year and raise the strength of gold delivery points from 1,000 locations to 10,000," he said.

Reliance Money today said it has launched a new gold plan whereby customer can invest a minimum of Rs 1,000 per month which would be used for buying gold and customer can redeem the same for gold coins or jewellery at the end of scheme.

He said the company would target the Rs 14,000 crore of unorganised jewellery market of Punjab, Haryana and Chandigarh with this plan.

"The growing demand for gold to mark life events and special occasions, along with its significance in Indian society, called for a plan which made savings in gold convenient, simple and secure. The World Gold Council has successfully launched gold accumulation products in China and Japan.

The plan makes gold accumulation transparent and straightforward, allowing customers to convert accumulated gold grams into coins or jewellery at multiple outlets across India," said Amresh Acharya, Director-Investment, World Gold Council.

"Reliance My Gold Plan aims to change the way consumers accumulate gold. As per estimates, North India accounts for nearly 15 per cent of total gold consumed in India last year. A majority of this gold was sold through unorganised sector. We plan to bring transparency, accessibility and purity to this segment with this new plan," said Sanghvi.