Muthoot plans to recycle 200 kg of gold by 2017

Muthoot Exim Pvt Ltd, the precious metals division of the Kerala-based Muthoot Pappachan Group (MPG), has plans to launch 16-17 Muthoot Gold Point centres by the end of 2017. Currently it has four such Centers with one recently opened in Mumbai, and the remaining three in Coimbatore, Chennai and Delhi, reports say. The company is the first to launch gold recycling within India’s organised sector.

With these roust plans of opening more Gold Point Centers, the company intends to recycle around 80 kg of jewellery by March next year and 200 kg by March 2017, reports say. This follows the government’s recent move to notify the gold monetisation scheme.

Currently the company has recycled 45 kg gold at its Coimbatore, Chennai and Delhi centers with much of it being done at Coimbatore. Through these centers, the company would buy old and used gold items directly from the customers and offer refined bars with transparency and costs being nominal, reports say.