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Gold imports fell to 950 tonnes in 2015-16, a drop of about 10 per cent from 1,050 tonnes in the previous year, due to fall in domestic demand spurred by the jewellers’ strike and lack of global price parity, MMTC Ltd’s Chairman and Managing Director Ved Prakash has said.
Demand for the yellow metal, however, is expected to recover in 2016-17 and imports could rise to 1,000 tonnes, Prakash said on the sidelines of the launch of MMTC-PAMP’s new gold coin ‘Tola’.
Jewellers’ strike “The slump came as jewellers kept their shops shut in protest against imposition of 1 per cent excise duty on non-silver jewellery. Lack of price parity in the global market also curbed shipments in 2015-16,” Prakash said.
MMTC’s gold imports were down to 50 tonnes in 2015-16 from 70 tonnes in the previous year because of the 80:20 import rule and other developments, Prakash added.
‘Tola’ – a re-conceptualisation of the traditional Vedic measure of the yellow metal – was launched by MMTC-PAMP, a joint venture between public sector MMTC Ltd and Swedish processor PAMP.
“The traditional Vedic measure, a treasure house of history and wealth, has been resurrected in the product form, showcasing not only our master craftsmanship but also edifying the pride of our cultural heritage,” said Rajesh Khosla, MD of MMTC-PAMP India, launching the product on the occasion of Akshaya Tritiya.
About the gold MMTC-PAMP’s ‘Tola’ is an octagonal shaped coin with distinctive knurled edges and an intricate finish, weighing 11.6638 grams in 999.9 pure gold. In its initial phase, the ‘Tola’ will be available for purchase at select outlets of Stock Holding Corporation of India (SHCIL), Indian Potash Ltd and MMTC-PAMP.
Reputed jewellers in 28 cities such as Ahmedabad, Bengaluru, Mumbai, Chennai, Chandigarh, Salem, Delhi, Jodhpur, Kanpur, Gandhinagar and Hyderabad will also sell the product, an official release said.
Other offerings The company plans to manufacture 0.5 million pieces of ‘Tola’ coins this fiscal, and also launch half and quarter ‘Tola’ gold coins in the coming months, the MD said.
This will be in addition to the regular product range of gold and silver coins minted and marketed by MMTC.
In Vedic times, one tola was the weight of one hundred ‘ratti’ seeds, traditionally carried by bullion merchants in a cloth bag.
MMTC PAMP has also integrated a buy-back option at prevailing market price of gold that can presently be availed at its company-owned retail outlets in Bengaluru, Chennai, Coimbatore, Delhi and Hyderabad.
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