Karnataka Govt Plans To Enter Jewellery Retail Business, Likely To Open Stores In Tier-1 Cities

Government in Karnataka plans to open jewellery retail outlets and sell jewellery under its own brand name.

Karnataka, which is the only state in India that produces gold from its mines, also plans to sell gold coins with the official state emblem in partnership with private jewellers, reports The Economic Times.

“The government is exploring the possibilities of opening jewellery retail outlets by tying up with private jewellers. The government is planning to produce jewellery like we make silk sarees and sandalwood soaps," said Mines Minister Murugesh R Nirani.

The government plans to open retail outlets in tier-1 cities and set up an SEZ for jewellery in Hyderabad-Karnataka region.

“The initiative will help the government generate more revenue and add jobs. The retail outlets will be opened in tier-1 cities and, based on the market response, they will be extended to tier-2 cities,” he said.

“The government will modernise its Hutti Gold Mines and increase the production capacity. The government is also planning to set up an SEZ for jewellery and a jewellery park in Kalyana Karnataka (Hyderabad-Karnataka) region,” the minister added.