MMTC-PAMP to expand footprint in southern cities

MMTC-PAMP has decided to expand its footprint in key cities across Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh. Building on the cultural affinity this region exhibits towards gold and silver, the company will reach out to around 1,000 local jewellers and retail outlets over the next 3 years, reinstating its promise of unmatched trust, purity, craftsmanship, and authenticity. This move is strategically aligned to target consumers looking to buy the purest gold and silver coins and bars from their trusted jewellers.

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.

Speaking on the announcement, Vikas Singh, MD & CEO, 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. 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. Our foray into the region is a natural progression as we consolidate our sectoral leadership across the entire gold and silver ecosystem.”

Established in 2008 as a joint venture between MMTC, a public sector undertaking and Switzerland based bullion brand PAMP SA, MMTC-PAMP has built India’s only fully integrated ecosystem for gold — digital gold, bullion (gold & silver), minted coins (gold & silver), and recycling old gold. MMTC-PAMP is already India’s leader in digital gold and has a strong customer base in Bangalore, Chennai, and Hyderabad, which feature in the top 10 cities which are trading in digital gold. As the brand makes further forays in the region, it is looking to offer both digital and physical gold investment options to customers.

“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.

Courtesy: Economic Times