Kerala-based Muthoot Pappachen Group is planning to set up gold recycling centres across country.
The group launched Muthoot Gold Point to recycle gold jewellery into bars at a nominal cost, that is has already been running a pilot centre in Coimbatore for the past three months and just started another one in Chennai.
“We are planning to launch 20 such centres by March 2017 across country. The next Muthoot Gold Point will come up in Delhi, followed by Mumbai and Bengaluru, Telengana, Andhra, Gujarat, and Tamil Nadu,” said Keyur Shah, CEO of Muthoot Exim Precious Metals, an arm of Muthoot Fincorp, which runs these recycling centres.
“We are also planning to approach the government seeking permission for private players to do hallmarking and recycling,” he added.
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