South African’s third largest gold miner Harmony Gold (HAR) on Friday launched a new range of gold investment bars, in addition to its popular ten-tola bar, introduced to the investment community in 1999.
The 116,7 gram Harmony ten-tola bar, produced to 99,9% purity and which has
been successfully marketed in India, will now be complemented with a newly
designed ‘120 bar’, at 120 grams in weight.
Harmony recognised the opportunity to introduce a new gold investment bar, as a result of amended tax regulation in India, aimed at incentivising the production of metric measurements and numbered bars.
Aside from achieving the mentioned objectives, the bar has been designed involving intricate detail to further enhance its uniqueness, and is manufactured utilising Harmony high precision casting technology.
In addition to the ‘120 bar’ Harmony is also introducing the first of its unique wrought gold investment bars and medallions to be offered on sale to the public.
The company reports that these gold investment products incorporate a number of distinguishing features, namely a professional design and unique high precision casting manufacturing method.
Each item is hand finished and polished. South African law previously classified the Harmony ten-tola bar as an unwrought precious metal and therefore South African citizens were prohibited from owning it as per the Mining Rights Act of 1967.
“Harmony will only manufacture a limited edition of these bars and medallions, thus enhancing its uniqueness and investment value. South Africans have for too long been denied the opportunity to own physical gold investment products. In a volatile currency environment like South Africa, gold as a US dollar denominated investment serves as an alternative hedge against the future depreciation of the rand,” said Harmony marketing director Ferdi Dippenaar.
The first range of investment bars on offer is the ‘Two Oceans’ series which will be on offer from Monday April 14 to coincide with the Two Oceans Marathon on Saturday April 19 in Cape Town.
The limited product range on offer consist of 6 items, all of 99,9% purity:
one ounce wrought gold investment bars 1 000 units
half ounce wrought gold investment bars 2 000 units
quarter ounce wrought gold investment bars 4 000 units
one ounce wrought gold medallion 1 000 units
half ounce wrought gold medallion 1 000 units
quarter ounce wrought gold medallion 1000 units – I-Net Bridge