MMTC-PAMP launches first organised silver buyback service across cities

Bullion refiner MMTC-PAMP on Wednesday launched what it called the industry's first organised buyback programme for silver coins, bars and jewellery, initially covering seven cities before a planned nationwide rollout.

The service will begin at select exclusive brand stores and purity verification centres in Kolkata, Bhubaneswar, Guwahati, Ludhiana, Ahmedabad, Mumbai, and New Delhi, with an expansion across all its stores planned for the next fiscal year.

MMTC-PAMP currently operates 17 gold recycling stores in India and aims to extend its silver buyback service across these centres.

Customers can have their silver products melted and tested using XRF technology under security surveillance at the company's purity verification centres. Payment will be made directly to a designated bank account based on prevailing market buyback rates, the company said in a statement.

 

"Indian households collectively hold approximately 35,000 tonnes of gold and much more silver. While silver mine production capacity globally is not expanding significantly, demand for the white metal is growing at a much faster rate," said Samit Guha, Managing Director and Chief Executive of MMTC-PAMP.

"We expect recycled silver to play a key role in meeting the current supply-demand gap," he added.