Muthoot Exim Private Limited has opened Muthoot Gold Point, a retail outlet to buy old and used gold items directly from retail customers.
Keyur Shah, Chief Executive Officer of Precious Metals Business of Muthoot Pappachan group, told The Hindu that the company planned to open two more outlets by the end of March next. At the All India level, it is estimated that 150-200 tonnes of used gold is recycled every year. About 40 per cent of it is in the South. Chennai, Coimbatore and Madurai are some of the major centres for gold recycling. Hence, the company has opened its first outlet here.
The valuation of the gold jewellery would be based on purity, weight and market rate. “We want to have a national-level pricing linked to the live market rate,” he said. Cash payment would be made up to Rs.1.90 lakh, and for jewellery worth more than Rs.1.90 lakh, payments would be made through cheque.
According to a press release, Muthoot Exim would subsequently reprocess, refine and supply the refined bars for domestic consumption.
