MMTC-PAMP has launched what it calls India's first organised buyback programme for silver coins, bars and jewellery, marking a significant milestone in the country's precious metals recycling sector. According to reports from PTI, the company has introduced this comprehensive service starting in seven cities before a planned nationwide rollout. The service will begin at select exclusive brand stores and purity verification centres in Kolkata, Bhubaneswar, Guwahati, Ludhiana, Ahmedabad, Mumbai, and New Delhi, with an expansion across all its stores planned for the next fiscal year.
In the first phase of the launch, MMTC-PAMP will commence silver recycling at select exclusive brand stores and purity verification centres in Kolkata, Bhubaneswar, Guwahati, Ludhiana, Ahmedabad, Mumbai and New Delhi. As reported by PTI, the company plans to expand this service across all its stores across India in the next fiscal year. This phased approach ensures proper infrastructure and operational readiness before nationwide expansion, establishing MMTC-PAMP as the pioneer in organised silver buyback services in India.
According to Samit Guha, Managing Director and CEO of MMTC-PAMP, quoted in a media statement, Indian households collectively hold approximately 35,000 tonnes of gold and much more silver. As reported by PTI, while the silver mine production capacity globally is not expanding significantly, the demand for the white metal seems to be growing at a much faster rate. Guha expects recycled silver to play a key role in meeting the current supply-demand gap, positioning this initiative as strategically important for India's precious metals sector.
To avail MMTC-PAMP's silver buyback process, customers can visit the company's Purity Verification Centre and verify their silver products. According to the company statement reported by PTI, the bars, coins and jewellery will be melted and then tested under XRF technology, the industry standard for precise purity, under security surveillance. After necessary documentation for refining and buyback is completed, payment will be made directly to a designated bank account based on prevailing market buyback rates, ensuring instant and transparent transactions for customers.
