Muthoot Pappachan group launches hallmarked 2-8 gm jewellery

KOCHI: Leading gold loan NBFC Muthoot Pappachan group is launching gold jewellery aimed at lower income group.

The group through Muthoot Exim, its precious metals division, will introduce Swarnavarsham jewellery , hall marked gold jewellery of 2 to 8 gms , in Kerala and Tamil Nadu, this week. Muthoot Exim CEO Keyur Shah said the key feature will be `live pricing’ allowing the customers to benefit from the gold price at the time of booking.

Muthoot Exim is offering ear rings, rings, chains and bangles through instalment schemes through branches of Muthoot Fincorp, its gold loan company,where the customer will have to pay a sum upfront. Till about a year ago, Muthoot Exim reaped success with its gold coins distribution. But it was discontinued after a RBI order banning NBFCs from distributing gold coins.

Keyur Shah said for the time being it will be offering jewellery through EMI schemes, which will be easier as most customers will be its gold loan customers. But in another three months the company hopes to have sufficient stock of jewellery to introduce ready purchase scheme. The company intends to expand the reach to other parts of country by the third quarter of the year.

Muthoot Pappachan group is already offering housing loan, two and three wheeler finance and micro finance through Muthoot Fincorp branches, executive director of the group Thomas Muthoot said.