Muthoot starts buying of used gold jewellery business

Muthoot Exim Precious Metals - part of the Muthoot Pappachan Group - has entered into the business of buying of scrap gold from individuals, promising more transparency in the entire pricing process, says a report.

The report further adds that the company has now begun setting up ‘fulfillment centres’ in the name of ‘Muthoot Gold Point’ across the country for this purpose. The company is likely to set up around 20 centres by 2017. More ‘Muthoot Gold Point’ outlets will be set up-one each at Delhi (Karol Bagh) and Chennai (T Nagar) – soon.

These centeres will be able to offer a transparent pricing as it is directly connected to the live bullion market and there will not be padding just as is the case with other jewellers who buy gold. The state-of-the-art machines at the centres can penetrate and give out details of as many as 20 other materials (besides gold) in any precious metal/jewellery.