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In a major change for scrap jewellery collection and subsequent refining of used gold, the global benchmark in precious metals certification, the London Bullion Markets Association (LBMA), has accredited MMTC–Pamp India Pvt Ltd (MPIPL) for delivery of gold in India.
With this, MPIPL has become the only refinery in India with LBMA accreditation, for delivery of gold and silver in India. Last year, MPIPL was accredited with a similar certification in silver. This signifies that Indian jewellers, gold stockists and retailers will be able to obtain world-class quality of gold from MPIPL, a joint venture between Pamp SA, Switzerland, and Government of India-owned MMTC Ltd for gold delivery in India, without approaching importers.
“Until now, jewellery retailers were collecting scrap for refining in a local refinery where quality was always a matter of concern. Now, scrap collection will be smooth, as used ornaments can be sent to MPIPL for refining, which can deliver world-class gold with the highest amount of confidence,” said Rajesh Khosla, managing director of MPIPL. The certification, known as ‘Good delivery gold refiner’, follows accreditation of the company in 2013 by LBMA as a ‘Good delivery silver refiner’. The LBMA accreditation has become an internationally accepted quality standard, guaranteeing that bars produced meet the stringent requirements outlined in the ‘LBMA good delivery list’.
Good delivery rules for gold and silver bars include specific requirements for the fineness, weight, dimensions, appearance, marks, and production of bars. It specifies procedures for weighing, packing and delivery.
“With purity of 99.5 per cent for example in gold, jewellers felt concerned with the balance non-gold content, which affects the quality of jewellery. Hence, we as the only LBMA-approved Indian refinery identify the balance non-gold content. It will encourage jewellers and other participants in gold business to streamline scrap collection and focus on gold deposit schemes with the highest quality of gold available in India,” said Khosla.
