Muthoot Group opens gold recycling centre in Vijayawada

Muthoot Exim Pvt, precious metals division of Muthoot Pappachan Group opened its gold recycling centre in Vijayawada and plans to set up nine more such facilities by the next fiscal.

Keyur Shah, CEO, Muthoot Precious Metals Division, inaugurated the centre, Muthoot Gold Point in Vijayawada, around 270 km from here.

The company is planning to launch eight to nine more such centres by the next financial year, a statement quoting him said.

He said the endeavour is to collect scrap, old and used gold directly from end customers via a chain of retail Muthoot Gold Point outlets and recycle them.

This is the seventh centre in India after Coimbatore, Chennai, Delhi, Mumbai, Kolkata and Ahmedabad, the company said.

According to estimates, gold recycling has not been tapped to its fullest in India and it mostly happens in the unorganised sector.

The company, through its centres, will buy old and used gold items directly from customers, reprocess, refine and supply refined bars for domestic consumption, with the aim of reducing dependence on imports of the yellow metal.

After the initiative was launched in November 2015, the company was able to recycle 125 kg of used gold, the statement said.

Shah said they had tied-up with Mumbai-based Infinium Precious Resources Ltd for attaining technical training and also for refining the scrap gold.