Faude and Huguenin, a major Swiss-based global mint company is ready to explore its potential in the India market. Asia Pulse, a Mumbai-based Clarity Gold Pvt. Ltd on Monday said it had joined hands with the Swiss major, to set up a 300-metric tonne gold minting plant in Jaipur with an investment of Rs400 million (US$9 million).
The operation would commence from May 2006, wherein Swiss firm would hold majority 60 per cent stake and the Indian partner the remaining 40%. “Markets for gold coins and bars are worldwide. We would import the raw material from established refineries in Switzerland. We plan to export 60 per cent of the IHF Metal Art production,” Clarity Gold Chairman, Shiv Shanker Gupta said here, adding that this would include Swiss orders generated by F&H. Remaining 40% will be consumed in the domestic market. The Swiss also announced its entry into the Indian bullion market by launching investment gold bars under different denominations under the brand name “HF Swiss Gold”. The investment gold bars would be of “very high purity” of 999.9 in different denominations of 2.5,5,10,20 and 50 gram, Gupta said.