Orosil Smiths launches hallmarked Gold Coins under its 'Sincere' - Gold Jewellery Brand, with specifications of 2.5 gm, 5 gm and 10 gm.
With the beginning of the wedding season, the Company has announced its new collection of gold coins, which shall be key instrumental i the Company's business, considering the market expected from its launch. Be it gifting or investment or traditional buying, the gold coin has its own significance in the Indian culture.
The Gold Coins of different designs engraved and weight shall be available for online purchase on the Company's web portal w.e.f. 10" December, 2021 and safe hand over to the prospective customers on pan India basis.
Mr. Bhushan Kumar Narula, Orosil's Managing Director commented: "Gold is fungible, with a low spread between the prices to buy and sell and has been used as money for many reasons. It is often hailed as a hedge against inflation. A medium of exchange needs to be portable, which gold certainly is, as it has a high value-to-weight ratio, compared to other commodities. Gold can be re-coined, divided into smaller units, or re-melted into larger units such as gold bars, without destroying its metal value.
Oro-Coins shall be marketed under the Company's "Sincere" brand name and is expected to contribute in the revenue considerably, in view of the ongoing wedding season in the Country. We hope that this segment goes a long way towards generating more goodwill for our brand and products, leave a lasting, positive impression in the minds of the all generations.
Law, generally, does not have any restrictions for payment of cash for transaction of purchase/ sale of jewellery or immovable property etc. However, as per the article published by Times of India on 09th January, 2021 regarding clarification as given by Department of Revenue, Ministry of Finance that any purchase of gold, silver, jewellery, or precious gems & stones below Rs. 2,00,000 doesn't require PAN or Aadhaar of a customer as mandatory KYC documents.
As a welcome gesture to its newly launched segment, Orosil is offering an extra discount of 1% to its customers who are willing to purchase the coins on cash basis. Also, it is offering attractive discount on bulk order." he announced.
Why hallmarked gold coins: A hallmark is an official mark or series of marks struck on items made of metal, mostly to certify the content of noble metals-such as platinum, gold, silver and in some nations, palladium. In a more general sense, the term hallmark can also be used to refer to any distinguishing mark.
The Hallmarking of jewellery/artefacts is required to enhance the credibility of gold jewellery and customer satisfaction through third party assurance for the marked purity/fineness of gold, consumer protection.
As per the Quality control order called the Hallmarking of Gold Jewellery and Gold Artefacts Order, 2020, as amended, for mandatory hallmarking of gold jewellery/artefacts, issued by the Ministry of Consumer Affairs, Food and Public Distribution on 15 January, 2020, every jeweller who wants to sell hallmarked jewellery with effect from 16th June, 2021, has to obtain a registration from Bureau of Indian Standards.
Accordingly, Our Company Orosil Smiths India Limited registered its Hallmark named as "ORO" under Bureau of Indian Standards and is now eligible to sell the hallmarked jewellery.
Shares of OROSIL SMITHS INDIA LTD. was last trading in BSE at Rs. 4.15 as compared to the previous close of Rs. 3.99. The total number of shares traded during the day was 2746 in over 21 trades.
The stock hit an intraday high of Rs. 4.18 and intraday low of 3.80. The net turnover during the day was Rs. 11068.00.