It opened its first such centre in Coimbatore, three months ago and is planning to multiply the number to 20 centres, with locations in Chennai to tap a major gold consuming market in - Tamil Nadu; Mumbai, Delhi, other metros and tier-1 cities, reports say.
The Coimbatore centre has mobilised around 10 kg until now, reports say.
The centre weighs and tests the gold to know its true value, directly in the presence of a customer, as such ensuring confidence unlike the unorganised sector, reports say. The company believes that recycling of gold would enable the country to reduce the pressure for the industry to depend upon gold imports for supplies, reports say. Also, consumers gain the advantage to sell at a time when prices are favourable and buy when prices are low.