On 26 September, bullion refiner MMTC-PAMP launched a buy-back and exchange offer for gold in India to help those affected economically by the pandemic liquidate their idle assets.
MMTC-PAMP India is a joint venture between the MMTC (a Government of India Undertaking) and Switzerland's PAMP SA (the world's leading bullion brand).
The latest buyback offered by the refiner allows sellers to 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 sellers will be charged a nominal transaction fee.
Starting with its Lajpat Nagar centre in Delhi, this facility will be rolled out soon across the country, MMTC-PAMP said.
"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. The seller can monitor the quality verification process via live CCTV footage.
- A minimum of 10 grams of gold will be tested.
- Rs 1,000 fee 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 now.
- PAN card and Aadhaar card proof, as well as a cancelled cheque, is required to be provided at the time of exchange.
- The gold price will be determined based on the daily updated prices based on international live price plus applicable taxes.
- MMTC-PAMP's on-site X-ray fluorescence technology (XRF) machines can process weights from 10-grams to 2-kg per visit.
- The procedure will take less than 60 minutes.
- Sellers can view the entire valuation process in real-time via CCTV monitors.
- The gold jewellery given by the seller is authenticated and weighed, and upon agreement, melted and cast to form a bar.