Muthoot Exim -- the “precious metal vertical” of the Muthoot Pappachan Group, which  offers consumers several “innovative” precious metal products –   opened its fifth gold recycling centre in Kolkata on Tuesday, January 5, 2016.

The Muthoot Gold Point Centre at Kolkata has come on the heels of the successful opening of four other similar centres - in Coimbatore, Chenna, Delhi and Mumbai.  The first centre was set up in Coimbatore in November 2014, and the company aims to have 16 Muthoot Gold Point Centres by the end of 2017. By the year 2018, Muthoot hopes to have recycled about two tonnes of gold scrap. The company says it has recycled 60 kgs of gold since the launch of this initiative.

Muthoot Exim, amongst the first organised players to enter the gold recycling arena, is pursuing its goals in line with the Government’s gold monetisation scheme. These steps, it is expected, will reduce the requirement for gold imports.  

Thomas Muthoot, Executive Director of Muthoot Pappachan Group said at the launch that the company has planned two more such centres by March 2016. These are likely to be opened in Telangana and Gujarat.

For its gold refining, Muthoot Exim has tied up with a private refiner – Mumbai based Infinium Precious Resources Ltd -- who will also train Muthoot staff in the areas of testing and assaying.