MMTC-PAMP has launched a 10-gram Virasat coin made entirely from 999.9+ pure recycled gold. The company sees an opportunity in growing the recycling business which could also help reduce India's dependence on imported gold.
MMTC-PAMP is looking to expand its gold recycling business as it seeks to bring more of the gold lying unused in Indian households back into circulation, its MD and CEO Samit Guha said.
India has a massive pool of gold held by households, but only a small portion of it currently makes its way back into the formal recycling ecosystem. Guha said MMTC-PAMP sees potential in closing this gap and expanding organised gold recycling.
'Today, in a way, it works for organisations that are doing gold loans and gold leasing. They have a model where they can come to your residence, with your approval, and collect the gold against which they will loan money to you. There is an operating model that exists. We are just trying to see if we can extend it because we are not an NBFC, so we can't lease or loan money against gold. But we are trying to see if we can replicate that model to see if there is a way we can reach your house,' said Guha.
The company has already launched a 10-gram Virasat coin made entirely from 999.9+ pure recycled gold. CEO Samit Guha said the company sees 'a huge opportunity in growing the whole recycling business,' which could also help reduce India's dependence on imported gold.
The Honourable Prime Minister himself came in, made a brief to say we should try and restrict gold, Guha added. As per estimates currently there is 30,000-35,000 tonnes of gold, which is there in Indian household, which kind of is lying like a non-performing asset. India annually recycles about 240 to 250 tonnes.
At MMTC-PAMP's recycling centres, both jewellers and individual customers can bring in old gold and silver for recycling. The company assays the gold transparently in front of the customer and melts the gold in a furnace before determining its purity and weight.
Customers can then choose to sell the gold, with the proceeds transferred to their bank account or buy coins or bars in exchange. MMTC-PAMP currently has about 20 such centres.
MMTC-PAMP currently has a network of stores and purity verification centres through which consumers can sell old gold. The company uses authenticated precision weighing and XRF technology to assess purity and value the gold before making the payment. Organised recycling can provide consumers with greater transparency on purity, valuation and the price they receive compared with traditional informal channels.
The company is also expanding the role of its retail network. Guha said its larger stores combine recycling or buyback of old gold with the sale of minted products, while the company is also testing smaller stores focused on coins and bars.
The push comes at a time when gold prices have risen sharply, making old jewellery and other gold holdings more valuable for households. Higher gold prices can also encourage consumers to monetise unused jewellery, although the decision to sell should depend on the purpose for which the gold is held and the price offered after accounting for purity and applicable charges.
MMTC-PAMP has already been expanding beyond gold recycling. In April 2026, it launched an organised silver buyback programme across select cities, using its existing gold-recycling infrastructure. The company said it then operated 17 gold-recycling stores and planned to extend the silver service across its network.
For households, the development could make it easier to unlock value from old jewellery, coins and bars without relying entirely on traditional jewellers or informal gold buyers. The key, however, will remain transparent purity assessment, clear pricing and low, disclosed charges.
Courtesy: moneycontrol.com