Britain’s Royal Mint has started to manufacture gold sovereign coins in India for the first time in almost 100 years, it said Monday.
Indian residents haven’t been able to buy these commemorative sovereigns since 1918, when the Royal Mint operated a branch in the country, producing 1.3 million coins a year.
The first production run will be for 50,000 pieces and will be available in the market immediately, the Royal Mint said in a statement coinciding with British Prime Minister David Cameron’s visit.
The commemorative sovereigns will be produced by Indian gold producer MMTC-PAMP using tools and techniques developed by the Royal Mint in its South Wales facility. India is the world’s largest gold consumer, with gold coins playing a big role at weddings and festivals all through the year. Its gold medal market is estimated at around 80 tonnes a year.