Bullion refiner MMTC-PAMP launches buy-back, exchange offers for gold

Bullion refiner MMTC-PAMP on Saturday launched a buy-back and exchange offer for gold in the national capital in a move to help the pandemic-affected people offset their economic hardships.

For a nominal transaction fee, sellers can receive the maximum value of gold as a direct bank transfer or in the form of a gold bar with 9999, 999 and 995 purity, the bullion refiner said.

Starting with its Lajpat Nagar centre in Delhi, this facility will be rolled out soon across the country, it added.

“These are indeed challenging times worldwide, and the significant uptick in jewellers and consumers selling gold assets to offset hardships is expected to continue for some time,” MMTC-PAMP Chief Executive Officer Managing Director Vikas Singh said in a statement.

He said that the purity verification centre has advanced technology to check the quality of gold so that to ensure maximum buy back or exchange value.

Certain conditions will apply on consumers, the company said a minimum gold of 10 grams will be tested. A fee of Rs 1,000 will be charged if the exchange process is not completed for the service of evaluation of gold.

Bank transfer is available only at Delhi for which it is mandatory to provide details of Pan card, Aadhaar card and cancelled cheque, it said.

The gold price will be determined based on the daily updated prices based on international live price plus applicable taxes.

MMTCPAMP said its on-site X-ray fluorescence technology (XRF) machines and can process weights from 10-grams to 2-kg per visit.

The procedure will take place within 60 minutes and is fully transparent as sellers can view the entire valuation process in real-time via CCTV monitors. The gold jewellery is authenticated and weighed, and upon agreement, melted and cast to form a bar, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor