Friday, 25th April 2008 (865 views)

The Perth Mint in Australia is enjoying a tourist "boom" as visitors from China, India, Malaysia and Japan flock to the institution to buy its gold coins and products, according to reports.

Business magazine Forbes says "east rarely meets west" but the mint's gold has attracted tourists from "all over Asia" thanks to gold's strong market performance and its long-standing reputation for retaining much of its value.

The mint currently produces an estimated 400 tonnes worth of gold coins, jewellery and refined gold bars a year, the site states, some of which is shipped to overseas bank vaults from the nearby Perth Airport.

Edward Harbuz, chief executive of Australian government trading body Gold Corporation which runs the mint, said Asian tourists tend to be "very interested" in its gold pours.

"They are also big buyers of gold coins and jewellery," he added.

"Japan has always been a good market for us. China is growing rapidly. We're slowly moving into India, which is the biggest market for small bars from the refinery."

The Perth Mint was originally established as a branch of the British Royal Mint in 1899 to produce gold sovereigns and half-sovereign coins for the empire. It remained in British hands until 1970, when it moved under the ownership of the Australian government.

 

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