New Delhi, April 8 MMTC-PAMP, a gold refiner, launched what it called the industry's first organized buyback program for silver coins, bars, and jewelry on Wednesday, initially covering seven cities before a planned nationwide rollout.
The service will begin at select exclusive brand stores and purity verification centers in Kolkata, Bhubaneswar, Guwahati, Ludhiana, Ahmedabad, Mumbai, and New Delhi, with expansion to 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 centers.
Customers can have their silver products melted and tested using XRF technology under security surveillance at the company's purity verification centers. 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 global silver mine production capacity 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.