Muthoot Exim set to enter gold recycling business; to recycle two tonne gold by 2017-2018

KOLKATA: Muthoot Exim, the precious metals division of Kerala-based Muthoot Pappachan Group, has decided to enter gold recycling business and participate in the government’s gold monetisation scheme with the aim of recycling 2 tonne of gold by 2017-18.

The company set up its first recycling facility, Muthoot Gold Point Centre, at the end of last year in Coimbatore and has five centres at present, said Keyur Shah, chief executive of the precious metals division.

‘By next fiscal, the number will grow to 17, he said. Muthoot Exim buys old and used gold items directly from customers through its centres, reprocesses, refines and supplies refined bars for domestic consumption with the objective of the reducing dependence on gold imports.

Refining is done at Infinium Precious. Since November 2014, when it launched the facility, the firm has recycled 60 kg of old gold. In the current fiscal, it will be able to recycle 100 kg of gold and recycle about 2 tonnes of scrap by 2018, said Shah.