A five-day ‘Festival of Gold' exhibition-cum-sale of MMTC was inaugurated by District Collector Lav Agarwal at The Gateway Hotel here on Wednesday.

Speaking on the occasion, Mr. Agarwal said that the city needed such events and was confident that people would respond well to the show.

Chief General Manager Ashish Majumdar of the Minerals and Metals Trading Corporation (MMTC), talking to reporters, said that the company had made rapid strides in retail product sales, amounting to Rs.610 crore till date in the current financial year as against Rs.490 crore last year, and it could be around Rs.800 crore to Rs. 900 crore next year. MMTC was the largest importer of gold in India and was organising jewellery exhibitions in all the major cities. MMTC was at present earning Rs.125 crore of its retail earnings through exhibitions. He also disclosed that India was importing 960 tonnes of gold, which was nearly 35 per cent of world's mine production, and MMTC was the largest importer with 245 tonnes. The company had set up an in house medallion manufacturing facility (mint) in New Delhi and the medals - both silver and gold - with 999 purity were very popular with the public as well as corporates. Mr. Majumdar stated that MMTC had set up a joint venture with PAMP SA of Switzerland for manufacture of gold medals and refining of gold and silver. The project at a cost of Rs.200 crore was set up in Haryana and commercial production commenced in 2011. The JV has an annual refining capacity of 100 tonnes of gold and 600 tonnes of silver. MMTC had set up another joint venture with Gitanjali Gema and jewellery was being sold under the brand name Shuddhi. He said 17 retail stores were operational in the country and 63 more retail outlets would be opened over the next three years.

MMTC General Manager from New Delhi Ravi Kishor said MMTC would set up five more showrooms on its own in the country, and one more was proposed at Visakhapatnam.

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