Second to China, India has the biggest collective repository of gold, with Indians owning a mammoth 26,000 tons of gold worth $1000 billion. Gold is viewed not just as a symbol of legacy that’s passed on from generation to generation but also trusted as a stable and resilient investment option. It is this staunch belief in gold being both a status symbol and an investment instrument that has earned it a place in most Indian household lockers and gold vaults across varying quantities.
The repercussion of the current pandemic left the common man with fewer ways to finance their survival, prompting them to liquidate assets. In such situations, MMTC-PAMP’s Gold Buyback program acts as a savior by enabling people to quickly sell their gold at the best possible value. Let’s take a look at how they make this possible:
1. Multi-level authentication process
To gauge the authenticity of your gold, MMTC-PAMP’s certified engineers initially weigh your gold jewellery or gold coins in their original form and then weigh again after melting. Once the gold is melted and cooled, the next level involves cleaning by pickling and then rinsing again in deionized water. If the gold has any stones or precious gems, it is removed before the start of the process.
2. Superior analytical testing
Furthering the authentication process, they employ Swiss-engineered X-Ray Fluorescence Technology (XRF) to calculate the exact content of gold in the original form. This technology leaves little to no room for error.
3. Only LBMA accredited refinery in India
As India’s first and, at the time of writing, only London Bullion Market Association (LBMA) accredited refinery, they pride themselves over a 999.9% purity rate, thereby ensuring that you get the highest value of the gold content. Our certified assayers ensure that your gold is evaluated in a correct and transparent manner, and that you are able to realise the full value of your old gold jewellery.
4. Unmatched transparency
We believe in complete transaction transparency. Customers are invited to view the entire process right from melting to purity verification in real-time. The process is also recorded to be played back later via live CCTV. This eliminates any doubts or chances of mishandling or fraud.
5. Software-verified proof and instant money transfer
The final software-generated verification receipt has all the important details – right from the purity grade and actual content of gold to the final amount payable to the customer. This amount is then instantly transferred to the customer’s bank account, so there’s no room for any hidden fee or fund mismanagement. Additionally, customers can also opt to buy from MMTC-PAMP’s range of minted products, subject to that day’s sale value.
The entire buyback process takes 45 to sixty minutes, enabling customers to almost instantly liquidate their gold assets for funds during emergencies. Note that the customer will have to provide certain verification documents like PAN Card, Aadhaar Card, and a canceled cheque to initiate the process. And should the customer decide against exchanging or selling their gold after it has been melted, then a nominal processing fee of Rs. 1000 will be charged, and the gold will be returned to them with a purity verification certificate.