MMTC to add a gold brand

State-owned MMTC is planning to launch a new gold jewelry brand, aimed at expanding

its footprint in the domestic retail market. Of the company’s estimated turnover of Rs 67,500 crores in 2010-11, precious metals are expected to contribute Rs 50,000 crores. The company also plans to set up over 30 more retail outlets to sell the branded jewelry. At present, it has about 15 outlets across the country. Currently, the company has a silverware brand named Sanchi. They are expecting a 50 per cent jump in turnover in 2010-11 driven by robust growth in sales of precious metals. In 2009-10, the firm’s turnover was Rs 45,124 crores.

MMTC had joined hands with Produits Artistiques de Metaux Precieux (PAMP) AG of Switzerland in 2007 for manufacturing gold and silver medallions in India and setting up a precious metals refinery in Mewat district of Haryana. The production of the silver medallions began this month, while the refinery operations will start from July. The silver medallions weigh 5, 10, 20, 100 grams. The project, MMTC-PAMP India, has an investment of Rs 200 crores and an annual refining capacity of 100 tons of gold and 600 tons of silver. The joint venture has the facility to produce 2.75 million pieces of both gold and silver medallions per year.