Motilal Oswal Partners with MMTC-PAMP for Online Gold Sale
Leading brokerage firm Motilal Oswal Securities has partnered with MMTC-PAMP India, the country’s only London Bullion Market Association (LBMA) certified gold refinery, to sell gold coins through its mobile platform and in Me-Gold line.
Investors do not need to open a demat account with Motilal Oswal to purchase gold through Me-Gold, but must comply with KYC standards (know your client). Although the minimum quantity delivered is one gram (24 kt) worth around 3000, investors can accumulate it in small quantities with an investment of 1000 per month.
They can also start a systematic investment plan to accumulate gold.
The price of gold on the platform is linked to international spot prices and is updated in rupees live, including import duties of 10 percent. 3 percent GST will be collected in addition. The online platform also has the ability to sell the accumulated gold in electronic form without incurring any manufacturing costs.
Customers who intend to purchase jewelry can redeem the digital gold balance with flibbled jewelers such as PC Jewelers, Senco Gold, Waman Hari Pethe Jewelers, provided they are willing to pay the manufacturing fee. of the jewel.
Motilal Oswal is also in talks to add more jewelers to the list. Motilal Oswal, president and CEO of MOSL, said his 9 lakh retail customer base can start buying quality gold on the platform instantly and can gift it to others.
The product meets all the qualities of delivering pure physical gold and offers the convenience of e-commerce, he said.
Kishore Narne, Head of Commodities, Motilal Oswal, said the product meets customer needs, such as getting pure gold while buying from home in the amount they need.
“Considering Indian consumers’ appetite for gold, we expect to sell around 1 to 1.5 tonnes in the first year of operation,” he said.
Arjun Raychaudhuri, Chairman and CEO of MMTC-PAMP, said the merger is a vital step in giving every Indian access to purchase high quality pure gold in a convenient and transparent manner.
Mobile wallet company Paytm has a similar connection with MMTC-PAMP to sell gold through its online platform.