Muthoot Exim Pvt Ltd., the precious metals division of Muthoot Pappachan Group, has launched its 12th and Kerala’s first gold recycling centre, Muthoot Gold Point, in Kochi.

Muthoot Exim, through its centres, buys old and used gold items directly from customers, reprocess, refines and supplies refined bars for domestic consumption, with the objective of reducing dependence on gold imports. It was the first company to launch gold recycling centre in the organised sector.

With its first point centre launched in Coimbatore in 2015, it has gradually expanded to Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Ludhiana, Madurai, Mumbai, Vijayawada and Behrampur.

With Kerala having one of the largest consumption of gold per capita, the launch of the Gold Point Centre aims to incentivise people to recycle their old gold and reusing the same, said Thomas John Muthoot, Chariman and MD, Muthoot Pappachan Group.

Keyur Shah, Chief Executive Officer, Muthoot Precious Metals Division, said Muthoot Gold Point offer customers price for the decimal points of the gold ornament.