MMTC-PAMP, India’s only LBMA-accredited gold & silver refiner, is expanding its footprint in key cities across Karnataka, Tamil Nadu, Telengana, and Andhra Pradesh. Building on this region’s cultural affinity towards gold & silver, the company will reach out to around 1,000 local jewellers and retail outlets over the next three years.
The brand also plans to open 15 wholly-owned retail stores in the region over the next three years, while expanding its distribution to deepen reach across 100 cities by 2025. This would be part of a larger 200 city-wide expansion that the brand plans to execute across the length and breadth of the country.
Vikas Singh, MD & CEO of MMTC-PAMP, said, “Making up over 40% of the total Indian precious metals (gold & silver) market, the region’s affinity towards them outshines many other markets. With this expansion, MMTC-PAMP would be offering 24K, 999.9 purest gold and silver coins and bars from its wide portfolio of products… Our foray into the region is a natural progression as we consolidate our sectoral leadership across the entire gold and silver ecosystem.”
MMTC-PAMP will also launch a limited edition 999.9 purity 20 gram silver coin featuring Lord Murugan in the Tamil Nadu market. “MMTC-PAMP has a retail footprint in top 7 cities in the region, and the planned expansion will help build access to its Purity Verification Centres which offer world-class gold authentication and valuation technology thereby allowing jewellers and retail customers to realise full value when selling back their precious old gold. Building on our growth momentum, we expect to corner around 20 percent of our revenues from the region by offering the customers the option of either buying from a distinct portfolio of the purest products, or selling back their precious jewellery to MMTC-PAMP,” Singh added.