Muthoot launches non-jewellery platinum products with WPIC

Muthoot Exim, the precious metals division of Muthoot Pappachan Group, today launched a range of non-jewellery platinum products in partnership with the World Platinum Investment Council.
"As part of our initial offering, we will sell a range of precious metal under 'Anantavarsham Platinum Series' offering statuettes of lord Ganesh in 95 per cent pure platinum metal in 3 grams, 6 grams and 9 grams sizes. Later we are planning to expand to other Indian gods and goddesses and medallions," Muthoot Precious Metals Division CEO Keyur Shah told reporters here.
The product will be available in 624 branches of Muthoot Fincorp in 10 cities, he added.

Shah said the company also has buy back facility in its 11 centres and one mobile van, which is currently being run on pilot basis.
The company is also providing Equated Monthly Instalment (EMI) of 3 months and 6 months, he said.
World Platinum Investment Council Director of Market Development Marcus Grubb said India is a robust market and annually growing at about 30 per cent, representing big opportunity for development of platinum as investment medium.

"We expect the platinum consumption in India to grow, both in jewellery as well as investment segment," he said.
India consumes 6-7 tonne of platinum annually for jewellery, according to WPIC.

The US, Japan and China are the top platinum consumers in the world.
WPIC is looking at similar tie-ups in India, both for jewellery as well as non-jewellery segment, Grubb said adding they are also looking at such agreements globally, including exchange-traded funds (ETFs).