MMTC to link up with retailers

Plans for a joint venture have been unveiled between a number of large retail chains in India and the gold importer, state-run MMTC, reports the Economic Times of India.

Under the terms of the agreement, various showrooms will be introduced in shopping malls across India and MMTC is now awaiting bids from jewellers in the country.

In order to qualify for the venture, firms must currently have a showroom in at least 25 different locations and the winning bid will be eligible to stock hallmarked gold jewellery in their stores, as well as medallions in silver and gold.

As well as importing gold, MMTC also conducts hallmarking and assaying work and its facility in New Delhi holds the Bureau of Indian Standards certification for these practices.

In terms of turnover, the state-run business recorded growth last year of 62 per cent and as well as this latest proposal to sell products via malls, MMTC recently launched free trade warehousing zones in India.