Muthoot Exim (P) Ltd., the precious metals division of Muthoot Pappachan Group has announced the opening of its 100th gold point centre in Mumbai.
Through its network of gold point centres, the company offers a transparent, scientific, and reliable way for customers to sell old and unused gold, contributing to a circular gold economy. Muthoot Exim plans to further expand its footprint over the next two years, said a press release.
Through these centres, the company sources old and unused gold directly from consumers, which is then refined and reintroduced into the domestic market as 24K purity gold bars. India remains one of the world’s largest consumers of gold, yet nearly 99 per cent of the gold used in the country is imported. In this context, initiatives like Muthoot Gold Point play an important role in strengthening the domestic gold supply chain by promoting organized gold recycling and reducing dependence on imported gold.
According to the World Gold Council, Indian households collectively hold an estimated 30,000 tonnes of gold, and even recycling a small portion—around 1 per cent—could significantly lower import dependence.
Thomas Muthoot, Executive Director, Muthoot Pappachan Group & Managing Director, Muthoot Exim, said, “As gold recycling gains greater relevance globally due to its environmental and economic benefits, we will continue expanding the Gold Point network and introducing innovative solutions that make responsible gold recycling more accessible to customers across the country.”
Keyur Shah, CEO, Muthoot Exim, added, “With initiatives such as our retail touchpoints including mobile vans equipped with advanced XRF and ultrasonic technology, we are also exploring new ways to bring gold recycling closer to customers. As demand for reliable and convenient gold monetisation options continues to grow, we see significant potential to further expand our footprint in the coming years.
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