Last Updated :
28 December 2009 at 15:15 IST
MMTC: India's largest importer of gold and silver
NEW DELHI (Commodity Online): India is the largest importer of gold and silver in the world. But which company in India is the largest gold and silver importer? It is the Minerals and Metals Trading Corporation, better known as MMTC, is the largest bullion importers in India. It is not just gold and silver that MMTC deals with.
MMTC is also the leading company in India that deals in agri commodities, fertilizers, minerals etc. Established in 1963, MMTC, one of the two highest foreign exchange earner for India, is a leading international trading company with a turnover of over US$ 7 billion. MMTC is owned by the government of India.
It is the largest international trading company of India and the first Public Sector Enterprise to be accorded the status of "FIVE STAR EXPORT HOUSE" by Govt Of India for long standing contribution to exports.
MMTC is the largest non-oil importer in India. MMTC's diverse trade activities encompass Third Country Trade, Joint Ventures, Link Deals - all modern day tools of international trading.
Its vast international trade network, which includes a wholly owned international subsidiary in Singapore, spans almost in all countries in Asia, Europe, Africa, Oceania and Americas, giving MMTC a global market coverage.
MMTC is the largest importer of gold and silver in the Indian sub continent, handling about 146 MT of gold and 1250 MT of silver during 2008-09. MMTC supplies gold on loan and outright basis basis to the exporter, bullion dealers and jewellery manufacturers on all India basis. MMTC has retail jewellery & its own branded Sterling Silverware (Sanchi) showrooms in all the major metro cities of India. MMTC also supplies branded hallmarked gold and studded jewellery.
Assay and hallmarking units have been set up at New Delhi, Ahmedabad & Kolkata for testing the purity of gold and gold articles duly accredited with Bureau of Indian Standards .
Besides organizing major jewellery exhibitions in India & abroad, MMTC also has a medallion manufacturing unit for minting of Gold/SIlver medallions.
MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.
MMTC has won the top export award from Chemicals and Allied Products Export Promotion Council (CAPEXIL) as the largest exporter of minerals from India for the eighteenth year in a row.
As a leading player in fertilizers and fertilizer raw material, MMTC has become a major fertilizer marketing company in India, through planned forward integration of its import activities with the direct marketing of Urea, DAP, MOP, Sulphur, Rock Phosphate, SSP and other farming and agricultural inputs.
MMTC is also actively involved in manufacture and sales of silver products including Dieties. It also has its own medallion unit for making medallions/bars ranging from 0.5 gms. to 100 gms. and 10 gms. to 1 kg. in silver. It is setting up a Joint Venture with M/s Pamp SA, Switzerland, world leaders in the field of production of medallions, for refining of gold/silver which is expected to be operational by the end of this year. It is actively involved in retail sales of these items.
Sanchi is MMTC's brand of Silverware specifically introduced for the quality conscious consumer. MMTC has introduced sterling silverware (92.5%) for the discerning customers. Sanchi is known for its purity, quality and design. The designs are simple yet elegant and appealing.
These products can be ordered online and also available at MMTC owned retail showrooms and franchisee showrooms.
MMTC is India's largest seller of imported non-ferrous metals viz. copper, aluminium, zinc, lead, tin and nickel. It also sells imported minor metals like magnesium, antimony, silicon and mercury, as also industrial raw materials like asbestos and also steel and its products. MMTC imports quality products conforming to international specifications like ASTM or BSS or LME approved brands.
Major institutional customers of MMTC in India are accredited with ISO-9002 status. MMTC sources its metals from empanelled suppliers including producers and traders throughout the world.
MMTC is a proud winner of gold trophy for exports of Engineering and Metallurgial product in non-SSI Sector and also awarded the All India Trophy for highest export in the category of prime metal by EEPC.
MMTC is amongst the leading Indian exporters and importers of agro products. The company's bulk exports include commodities such as rice, wheat, wheat flour, soyameal, pulses, sugar, processed foods and plantation products like tea, coffee, jute etc.
MMTC undertakes extensive operations in oilseed extraction, from the procurement of seeds to the production of de-oiled cakes for export, as well as the production of edible oil for domestic consumption. It also imports edible oils. MMTC has won the gold trophy from FIEO for highest exports in agritulcture & plantation product in non-SSI Sector.
MMTC also handles items like textiles, Mulberry raw silk, building materials, marine products, chemicals, drugs and pharmaceuticals, processed foods, hydro carbons, coal and coke.
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