Page 14 - Bullion World Volume 02 Issue 11 November 2022_Neat

Bullion World | Volume 2 | Issue 11 | November 2022
Opportunity for organised “Sell Old Gold”

branches in India

Mr David George Mampilly, Head – Gold Recycling Business, Augmont - Gold For All

Augmont- Gold For all, offers a modern scientific
machine for testing, and melting, professionally
skilled employees to ensure transactions with
100% accuracy and transparency to improve

customer experience

Gold has been the safest and businesses in the country, offer
consumer's most preferred dedicated branches with a modern
investment option in India for scientific machine for testing, and
years. Indian consumers purchase melting and professionally skilled
gold in form of jewellery, coins, employees to ensure transactions scrap. Monetising Indian consumer
and other assets. India is one of with 100% accuracy and gold can play a significant role in
the largest importers of gold in transparency to improve customer optimising refinery productions
the world. The import of gold by experience thereby attracting more thereby reducing India's dependency
India has been rising irrespective customers and jewellers for selling on gold imports for manufacturing of
of increasing prices. The “Sell Old gold conveniently. The objective of Jewellery/coins/bars.
gold” movement is in line with the dedicated branches is to provide
strategic decision laid down by the more attention to address customer The 3 key drivers for consumers
government of India to curb the queries on selling gold as well as selling gold are higher gold prices,
dependency on large gold imports. help jewellers to focus more on economic backdrop, and behavioural
selling new gold jewellery/coins/bars change. We have seen significant
In India, currently, the old gold rather than buying old gold. growth in consumers selling old
purchase is majorly done by gold to monetize whenever the
unorganized sector without proper India has emerged as the fourth price increases. In India, if we see
transparency and standardization. largest gold recycling country historically in last 20 years, gold
Jewellers facilitate the purchase in the world. India’s capacity prices have increased on an average
of old gold from customers for gold refining has increased of 11% to 12% on YOY basis.
predominantly through exchange significantly in the last 10 years. Other than global parity, recent
against purchase of new gold. The number of operational gold hikes in import duty in India have
However, in India, we have a refinery has increased to 33 in
limited dedicated standardized 2021 from less than 5 in 2013.
collection centre wherein consumers However, we have not optimized
and jewellers can sell old gold the refinery production. Currently,
transparently. in India, sources of gold recycling
represent approximately 90%-95%
We at Augmont- Gold For all, unlike share of Old gold jewellery/coin/
other unorganized gold recycling bars scrap and 5% of Industrial

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