Financial Daily from THE HINDU group of publications
Wednesday, Dec 18, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 18, 2002 |
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Money & Banking
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Financial Services Goldquest plans to set up mint in Bangalore Our Bureau
CHENNAI, Dec. 17 GOLDQUEST International, a Hong Kong-based multi-level marketing company dealing in numismatic and medallion collectibles, plans to set up a mint in Bangalore at the cost of $25 million and has approached the Reserve Bank of India for permission. According to a press release, the company started by Mr Vijay Eswaran, a third generation Malaysian of Indian origin, incorporated in British Virgin Islands deals in numismatic, medallions, jewellery and watches that commemorate outstanding personalities, places and events. A majority of Goldquest products are made of one ounce gold and their value is represented by two factors — the precious metal investment value and the intrinsic collectible numismatic value of the product. The company's operations in India are incorporated under a separate company — Goldquest International Pvt Ltd. Mr Richard Zinkiewicz, Director Finance and Chief Reputation Officer Goldquest International, said that the company plans to expand its business in India. It is planning to lower their entry-level product range to begin at $530 as against the international $800 to make it more affordable.
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