Leading broking firm Motilal Oswal Securities Ltd (MOSL), in partnership with MMTC-PAMP India, today launched a digital gold service.
The service, 'Me-Gold', allows its customers to buy and sell 24kt 999.9 pure gold on its digital platform.
"We have launched digital gold product - Me-Gold on our mobile and web platform in partnership with the gold refinery MMTC-PAMP India. The product will provide our customers access for 999.9 (24Kt) pure gold purchased from MMTC-PAMP," MOSL chairman Motilal Oswal told reporters here.
MMTC-PAMP is a joint venture of MMTC and PAMP, a Swiss 0based refining company. MMTC-PAMP is the industry leader and is the only LBMA certified refiner in India, capable of producing "Good Delivery" bars accepted by central banks and exchanges across the world.
The product will be offered at a fair and transparent single price across the country which is updated 24X7, every second based on live international spot gold prices, MOSL Head of Commodities Kishore Narne said.
Me-Gold also offers the customers an option of buying gold in periodic tranches and accumulate in smaller units over a period of time. The gold can be stored at secure MMTC-PAMP vaults without any further cost and even asked to be delivered as coins or bars, at customer doorstep, Narne said.
The company hopes to sell around 1-1.5 tonnes of gold in the first year of operations from its one million clients, who are expected to buy quality gold for their future consumption, he said.
The company has signed up with select jewellers namely PC Jewellers, Senco Gold, Waman Hari Pethe Jewellers and is adding more. The customer who intends to buy jewellery can exchange the digital gold balance by walking in to any of the empanelled jewellers against their favourite piece of jewellery.
Arjun Raychaudhuri, CMD of MMTC-PAMP, said "Our partnership with Motilal Oswal is a vital step in giving every Indian access to high quality, 24k 999.9 pure gold in a convenient and transparent manner.
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