Kochi: Muthoot Exim Pvt. Ltd., the precious metals division of Muthoot Pappachan Group (MPG), the first player in the organized sector to venture into gold recycling segment, has launched their Muthoot Gold Point centre in Chennai.
Muthoot Exim, with the objective to cater to the burgeoning individual household need to recycle unwanted, old & used Gold Jewellery, has launched ‘Muthoot Gold Point’, a chain of retail outlets which buy scrap, old and used Gold items directly from the customers. Muthoot Exim would subsequently reprocess, refine and supply refined bars for domestic consumption, thus helping reduce the over dependence on imports.
This is the second Muthoot Gold Point outlet in Tamil Nadu, the first being in Coimbatore. Muthoot Exim plans to launch five more outlets in the country by the end of this year and a total of 20 Muthoot Gold Point centres across India by the end of FY16-17.
Thomas George Muthoot, Director, Muthoot Pappachan Group said, “As a group, we are focused on getting our businesses aligned with the government priorities on financial inclusion, be it traditional gold loans, housing finance or microfinance. We are proud to state that Muthoot Exim, by recycling old and used gold, contributes towards the national objective in helping control gold imports and save on precious foreign exchange reserves.”
Keyur Shah, CEO, Muthoot Precious Metals Division, Muthoot Pappachan Group said, “We are the first Organized Sector Player, to foray into gold recycling by launching the first outlet in Coimbatore in November 2014, followed by the launch of second Muthoot Gold Point outlet in Chennai. The government in its budget for FY 2014-15 reinforced the need for gold monetization and the need for setting up more gold recycling units. We believe there is a huge potential to recycle unused gold to put the asset to productive use. We have tied up with Mumbai based Infinium Precious Resources Ltd. for attaining technical training and also for refining the scrap gold”.
The launch of ‘Muthoot Gold Point’ has a strategic significant importance, as it aligns with Government’s objectives and supreme priority of keeping current account deficit under control, by garnering and channelizing domestic unused gold to productive use.
Kerala Biz News