MMTC-PAMP, a joint venture between government undertaking MMTC Ltd and Swiss based bullion brand PAMP SA, is looking to expand its retail presence by opening 300 stores, including 30 in the eastern part of the country.
The expansion comes amid rising demand for investment in precious metals as well as gold recycling.
MMTC-PAMP, which operates the country’s only London Bullion Market Association accredited gold and silver refinery, has a product portfolio ranging from bullion, minted coins, digital gold as well recycling service of old gold jewellery.
“We want to expand the retail footprint and empanel jewellers who will be selling MMTCPAMP portfolio. Nationally, we would like to open almost 300 stores, which will either be owned or operated through a franchisee mode,” said Vikas Singh, managing director and CEO, MMTC-PAMP.
“In the east we have opened our first company showroom in Calcutta. We will not only cater to the huge demand of gold recycling in the region, but will also offer our flagship purest gold and silver coins and ingots to consumers and trade channels,” said Singh.
Over the next five years the company aims to earn a revenue of Rs 1,000 crore from the eastern region and expand to Jharkhand, Bihar and the Northeast.
Singh said the expansion in Calcutta assumes significance as despite the high volume of gold recycling through local jewellery stores, there is opacity and nonstandard methods are often being followed.
The company is looking at opportunities in the industrial space through silver and also the recovery of precious metals through a new facility.
“There is a new 1,70,000sqft plant that has been set up and went live a few days ago. The recovery part of the plant will go live in about 3 months time. We are importing equipment from Italy,” said Singh.
With a refining capacity of 300 tonnes of gold and 600 tonnes of silver, there is no immediate requirement to expand capacity, Singh said.