MMTC to set up gold refining, medallion plant

Bangalore, Oct 11 (UNI) MMTC, India's premier international trading house and a state enterprise has decided to set up a state of the art gold refining and medallion plant.

Talking to newspersons here today, Company Chief General Manager (South Zone) S Guruswamy said the location for setting up of the plant would be decided after finalising the joint venture proposal with an international gold producer.

A final decision was awaited within next three months when the proposal would take a clear picture, he said without revealing the identity of the joint venture partner.

Replying to queries, he said MMTC also planned to enter retail jewellery business in a big way and set up its own outlets besides giving out franchises.

It was true to some extent that the Company had not tapped the vast consumer market in south, mainly because of lack of awareness on the MMTC's gold and silver products, he added.

He said the plant in New Delhi produced Rs 100 crore worth gold medallions. Being the country's largest bullion importer, MMTC also put up the country's first assay (testing) and hallmarking facility for certifying purity in gold and gold jewellery in Delhi 14 years ago.

It was opening more such facilities in Ahmedabad, Jaipur and Kolkata to spread awareness on purity of gold, he said.

An exclusive five-day display-cum-sale of gold and silver articles would begin here tomorrow for the first time, he said, adding the display would have a huge and stunning collection of jewellery crafted by artisans across the country.

The Company had clocked an all time high business volume of Rs 23,205 crore last year, he said.

UNI