Public Fine Gold International Sdn Bhd

MMTC: Asia's biggest gold and silver importer

Published on: March 06, 2010 at 17:00

NEW DELHI (Commodity Online): When it comes to precious metals trading, there are not many countries that can beat India. And in India, the government-owned Minerals and Metals Trading Corporation (MMTC) is one of the largest trading companies on gold, silver and platinum trading in the world.

MMTC is India's largest importer of gold and silver. The company is also the biggest trading house for all other precious metals in Asia.

No wonder, then, that MMTC in collaboration with broking company Indiabulls recently launched India's fourth national commodity futures exchange-Indian Commodity Exchange (ICEX).

How does MMTC function and how are precious metals being trading by MMTC.

Here is a curtain raiser on MMTC:

MMTC is the largest importer of gold and silver in the Indian sub continent, handling about 146 MT of gold and 1250 MT of silver during 2008-09. MMTC supplies gold on loan and outright basis basis to the exporter, bullion dealers and jewellery manufacturers on all India basis. The company has set up assay and hallmarking units at New Delhi, Ahmedabad & Kolkata for testing the purity of gold and gold articles duly accredited with Bureau of Indian Standards.

It is also India's largest importer of gold. During the year 2008-09, its gold imports and distribution into india is over 145 tonnes. it is also very active in silver, importing and distributing into India over 1,250 tonnes.

MMTC is also actively involved in the manufacture and sales of silver products including Dieties. It also has its own medallion unit for making medallions/bars ranging from 0.5 gms. to 100 gms. and 10 gms. to 1 kg. in silver. MMTC has set up a Joint Venture with M/s Pamp SA, Switzerland, world leaders in the field of production of medallions, for refining of gold/silver which is expected to be operational by the end of this year. It is actively involved in retail sales of these items.

Sanchi is MMTC's brand of Silverware specifically introduced for the quality conscious consumer. MMTC has introduced sterling silverware (92.5%) for the discerning customers. Sanchi is known for its purity, quality and design. The designs are simple yet elegant and appealing.

MMTC's Precious Metals division is one of the trading divisions of MMTC Ltd in India, dealing mainly with import and export of gold & silver, platinum, palladium, gems, rough diamonds and other semi precious colour stones. This division is running duty free jewellery showrooms at Mumbai, Chennai and Thiruvananthpuram International Airports.

MMTC's gold and silver products are known for sterling hallmarking. A. Hallmarking is the accurate determination an official recording of the proportionate content of precious metal in gold ware. Hallmarking is a process in which a series of marks are applied on gold or any other precious metal jewellery. These marks indicate that the jewellery has been evaluated and certified at an official assay office and that confirms to national/ international standards of fineness of purity. A hallmark is a stamped mark on gold/ silver objects guaranteeing that the metal confirms to certain legal quality standards laid down.

Bureau of Indian Standards has granted recognition to MMTC as an Assaying and hallmarking center under BIS hallmarking scheme for gold jewellery.

Medallions from MTTC are basically coins of gold and silver with artistic imprints or embossing. Medallions are used as souvenir gift items or collectibles since time immemorial. In India, MMTC is the only company who is having in-house facility of both manufacturing and assaying of medallions in the organized sector. Medallions are available of both gold and silver variety in various weight such as 2gm, 5gm, 10gm and 20gm biscuits. Both silver and gold medallions are of purity/ fineness 0.999.

Courtesy: with inputs from MMTC India Website

Source: http://www.commodityonline.com/news/MMTC-Asia's-biggest-gold-and-silver-importer-26215-3-1.html