MMTC PAMP seeks stronger gold monetisation scheme to lift domestic recycling
MMTC PAMP is urging a more attractive Gold Monetisation Scheme to unlock household bullion and curb import dependence. The refiner recycles about 22 tonnes of gold currently and targets 10–15% annual growth, supported by refining capacity of 300 tonnes of gold and 600 tonnes of silver.
What happened
MMTC PAMP urged a more attractive Gold Monetisation Scheme to unlock household gold, raise domestic recycling and reduce bullion-import dependence. The refiner,
Key facts
- Indian households hold an estimated 31,000 tonnes of gold
- India imports about 800 tonnes of gold annually
- India has about 1,800 tonnes of installed gold-refining capacity
- MMTC PAMP currently recycles around 22 tonnes of gold
- MMTC PAMP plans to raise recycling by 10-15% annually
- MMTC PAMP can refine 300 tonnes of gold and 600 tonnes of silver annually
- The earlier Gold Monetisation Scheme launched in 2015
Why this matters
MMTC PAMP’s recycling-growth ambition and substantial unused refining capacity make partnerships or acquisitions in collection, jewellery buyback and bullion aggregation strategically attractive.
What to watch
- Finance Ministry or RBI consultation, budget measure or rule change affecting Gold Monetisation Scheme interest rates, tenure, taxation or redemption.
- Reported gold deposits mobilised under the scheme and changes in annual recycled-gold volumes.
- MMTC PAMP quarterly disclosures on recycling throughput, refinery utilisation and progress toward 10–15% growth.
- Expansion of organised jeweller buyback networks and certified gold-collection centres.
- Indian gold-import volumes, import-duty changes and domestic gold-price premiums versus international prices.
- MMTC PAMP is likely to lobby for improved deposit rates, tax neutrality, easier redemption and broader bank/jeweller participation in the Gold Monetisation Scheme.
- Large organised jewellers may expand certified buyback, exchange and old-gold collection programmes to secure recycled metal supply.
- Refiners may invest in more collection points, purity-testing infrastructure and partnerships with jewellers, banks and digital-gold platforms.
- Industry groups may frame recycling as both an import-substitution and formalisation initiative, seeking alignment with India’s trade-deficit and financial-savings objectives.