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Wednesday, 22nd April 2009 (1793 views)

Indian trader MMTC has opened the first of a new chain of gold jewellery stores, which it plans to expand across the country.

The state-owned organisation will sell hallmarked items from its Suddhi Sampoorna Vishwash retail outlets, according to the Indo-Asian News Service.

Sanjeev Batra, MMTC chairman and managing director, said: "The gold refinery at Sona (Haryana) that MMTC has acquired recently will be used to supply gold to the stores of MMTC and Gitanjali Gems."

Launched as a joint venture with Gitanjali Group, the first store has been unveiled in Lajpat Nagar in New Delhi and around 25 stores are planned across India in 2009, with a further 60 to open in 2010.

The Sona gold refinery will be operated by both MMTC and Swiss firm Pamp and is expected to start production within the next nine months.

MTC is the leading gold bullion trader in India and handles over 100 million tonnes each year through its precious metals division.

 

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