MMTC-PAMP to spread footprint in South India

New Delhi: Bullion refiner MMTC-PAMP on Tuesday said it will expand its operation in South India and plans to reach to around BIS-approved 1,000 local jewellers and retail outlets over the next three years.

With expansion plans in key cities across Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh, the company expects 20 per cent revenue from the region, it said in a statement. South India makes up for over 40 per cent of the total precious metals (gold and silver) market in the country and outshines other regions, it added. At present, MMTC-PAMP has a retail footprint in the top seven cities in the region. MMTC-PAMP, in a statement, said it 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, it said. The company also plans to launch a limited edition 999.9 purest 20 gram. Silver coin featuring Lord Murugan in the Tamil Nadu market, and plans to launch more such region appropriate collectibles as part of its devotional series, it added. "With this expansion, MMTC-PAMP would be offering 24 carats, 999.9 purest gold and silver coins and bars from its wide portfolio of products," MMTC-PAMP Managing Director and Chief Executive Officer Vikas Singh said.

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,he said.