MMTC opens retail chain for gold, diamond jewellery

April 21st, 2009 - 4:33 pm ICT by IANS  

New Delhi, April 21 (IANS) State-owned commodity trader MMTC Ltd, in association with diamond company Gitanjali Group, Tuesday launched ‘Suddhi Sampoorna Vishwash’, a chain of retail stores for selling hallmark gold and diamond jewellery.
The first store was opened at Lajpat Nagar in New Delhi. The joint venture will open around 25 stores in India this year and 60 more next year, MMTC chairman and managing director Sanjeev Batra told reporters here.

“The gold refinery at Sona (Haryana) that MMTC has acquired recently will be used to supply gold to the stores of MMTC and Gitanjali Gems,” Batra said.

MMTC and Switzerland-based metal refiner Pamp will jointly operate the Sona refinery, in which MMTC has 25 percent stake.

“The Sona refinery will be operational in the next nine months,” Batra said.

MMTC is also planning to set up a commodity exchange for gold, Batra added.

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