MMTC creates new record in gold, silver sales on Dhanteras | business | Hindustan Times
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MMTC creates new record in gold, silver sales on Dhanteras

business Updated: Nov 11, 2012 19:39 IST
Debobrat Ghose

Extension of its brand ‘Sanchi’ from silverware gifts to premium diamond, gold and silver jewelleries this season, has catapulted the sale of MMTC Limited-- the largest international trading company of India and the largest supplier of gold creating a new record today on Dhanteras.

Despite high price of gold, government’s new regulation on buying gold and tax deduction at source (TDS), MMTC Ltd surpassed its previous Dhanteras sale, and touched a new high at nearly Rs 60 crore, registering a growth of 25% over the previous year’s sale.

Dhanteras is the pre-Diwali auspicious occasion when big majority of Indians buy gold and silver in large quantity and to tap this market, MMTC has introduced for the first time its branded premium jewellery range -- "Sanchi' in diamond, gold and silver in the Indian market.

“This season, it’s our new Sanchi brand jewellery and heritage jewellery from Karnataka and Tamil Nadu helped us to surpass previous Dhanteras sales. But today, it’s the Bengal jewellery that has emerged at the top with Rs 1 crore sale on a single day,” said general manager (Retail), MMTC Limited, Rajender Prasad.
“Out of total sales, 25% contribution belongs to traditional jewellery from south India and Bengal,” he said.

On last Dhanteras, MMTC grossed Rs 48 crore sale of gold and silver. The MMTC considers the sale of gold and silver during Diwali in Delhi, the only location in the country as its star event. “During Dhanteras and Diwali people look forward to buy gold and silver from MMTC due to its authenticity and purity,” said Prasad.

MMTC’s silver and gold medallions during Dhanteras and Akshaya Tritiya festivals are the most sought after item in Delhi.
The company is planning to start a similar sale in Tier-II cities from next year.