Companies

MMTC-PAMP eyes Southern market to boost bullion sales

Our Bureau Bengaluru | Updated on October 12, 2021

Vikas Singh, Managing Director and CEO, MMTC-PAMP

Plans to expand footprint across Karnataka, Tamil Nadu, Telangana and Andhra Pradesh with local partnerships

MMTC-PAMP, a joint venture between MMTC and Swiss bullion brand PAMP SA, is eyeing the Southern market to boost sales.

“South accounts for over 40 per cent of the Indian precious metals (gold and silver) market and the region’s affinity towards them outshines many other markets. Our foray into the region is a natural progression as we consolidate our sectoral leadership across the entire gold and silver ecosystem,” said Vikas Singh, Managing Director and CEO, MMTC-PAMP.

Why gold, silver are set to shine

The company plans to expand its footprint across Karnataka, Tamil Nadu, Telangana and Andhra Pradesh, partnering with around 1,000 local jewellers and retail outlets over the next three years. “The move is strategically aligned to target consumers looking to buy purest gold and silver coins and bars from their trusted jewellers,” he said.

Adding to divinity collectibles

With this expansion, MMTC-PAMP would be offering 24K, 999.9 purest gold and silver coins and bars from its wide portfolio of products. MMTC-PAMP will also launch a limited edition 999.9 purest 20-gram silver coin featuring Lord Murugan in the Tamil Nadu market. It plans to launch more such region-appropriate collectibles as part of its devotional series which already has coins featuring deities such as Shri Balaji, Lakshmi-Ganesh, Radha-Krishna, Bodhi Tree and many more.

“We expect 20 per cent of our top line to come from the South in the next year. We bring in unmatched credentials as we are India’s first and only London Bullion Market Association (LBMA) Good Delivery refinery, accredited for both gold and silver, thereby delivering the highest levels of purity and craftsmanship in our products,” Singh said.

15 retail stores

MMTC PAMP also plans to open 15 wholly-owned retail stores in the region 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, Singh added.

Golden days ahead for jewellers as India recovers from pandemic

Established in 2008 as a joint venture between MMTC Ltd, a Government of India undertaking, and Switzerland based bullion brand PAMP SA, MMTC-PAMP has built India’s only fully integrated ecosystem for gold — digital gold, bullion (gold and silver), minted coins and recycling old gold.

MMTC-PAMP is already India’s leader in digital gold, and has a strong customer base in Bengaluru, Chennai and Hyderabad, which feature in top 10 cities trading in digital gold, Singh said.

Published on October 12, 2021

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