MMTC-PAMP, India’s only London Bullion Market Association (LBMA) Good Delivery gold and silver refiner, today announced the launch of the industry’s first organized buyback offering for silver coins, bars and jewellery.
MMTC-PAMP plans to offer this service at select retail stores across India. At present, MMTC- PAMP operates 17 stores for the recycling of gold in India and aims to extend its hassle-free buyback offering for silver across these centres. In the first phase of the launch of the project, MMTC-PAMP will commence silver recycling at select exclusive brand stores/purity verification stores in Kolkata, Bhubaneswar, Guwahati, Ludhiana, Ahmedabad, Mumbai and New Delhi.
The company plans to expand this service across all its stores across India in the next fiscal year. Speaking on the launch, Mr. Samit Guha, Managing Director and CEO, MMTC-PAMP, said, “Indian households collectively hold approximately 35,000 tonnes of gold and much more silver. 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.
Given the current scenario, we expect recycled silver tol play a key role in meeting the current supply-demand gap.”To avail MMTC-PAMP’s cutting-edge silver buyback process, consumers can visit the company’s Purity Verification Centre and verify their silver products. The bars, coins and jewellery will be melted and then tested under XRF technology, the industry standard for precise purity, under security surveillance.
After the necessary documentation for refining and buyback is completed, the silver will be valued based on the best market buyback rate and an instant payout will be initiated to the customer’s designated bank account.With the silver buyback service, customers can sell their silver items through a transparent process that offers live purity verification and clear valuation.
At the same time, customers can also buy physical gold or silver coins and bars offered with 999.9+ purity from MMTC-PAMP.Every product created by MMTC-PAMP undergoes a rigorous purification process to ensure 999.9+ metal purity. To guarantee authenticity, each MMTC-PAMP product carries a unique identification number and is packaged in an Assayer-certified minted card.
Additionally, every silver product purchased from MMTC-PAMP offers positive weight tolerance, ensuring each coin weighs more than the listed weight and delivers maximum value to customers.