State-owned MMTC plans to launch a new gold jewellery brand, aimed at expanding its footprint in the domestic retail market.
Of the company's estimated turnover of Rs 67,500 crore in 2010-11, precious metals are expected to contribute Rs 50,000 crore. "We plan to sell gold jewellery under the company's own brand name," an official said.
The company also plans to set up more over 30 more retail outlets to sell the branded jewellery.
At present, it has about 15 outlets across the country. MMTC has already appointed a consultant to draw a road map for its branded jewellery forays. The consultant would give his report in the next three months.
Currently, the company has a silverware brand named 'Sanchi.'
At present, the PSU has a joint venture with Gitanjali Group for gold and diamond jewellery retail. The company expects about 50 per cent jump in turnover to Rs 67,500 crore in 2010-11 driven by robust growth in sales of precious metals.
In 2009-10, the firm's turnover was Rs 45,124 crore.
Besides, MMTC had joined hands with Produits Artistiques de Metaux Precieux (PAMP) AG of Switzerland in 2007 for manufacturing gold and silver medallions in India and setting up a precious metals refinery in Mewat district of Haryana.
The production of the silver medallions has commenced this month, whereas the refinery operations will start from July. The silver medallions weighing 5, 10, 20, 100 grams would be launched on April 29 (Akshaya Tritiya).
The project, MMTC-PAMP India Pvt Ltd, has an investment of Rs 200 crore and annual refining capacity of 100 tonnes of gold and 600 tonnes of silver. The joint venture has the facility to produce 2.75 million pieces of both gold and silver medallions per year.
