Muthoot Exim, the precious metals division of the 130-year-old Muthoot Pappachan Group, launched a range of platinum investment products, starting with a line of statuettes of the Hindu deity Ganesh. The statuettes are fabricated in 95-percent-pure platinum by Emerald Jewel Industry India Ltd. of Coimbatore, Tamil Nadu.
Named the Anantavarsham Platinum Series, these products aim to give Indian customers access to affordable investment in platinum through easy-instalment purchases and savings schemes. The launch is part of a new partnership with the World Platinum Investment Council, intended to further stimulate and service the growing demand for physical platinum in India.
The products can be purchased through equated monthly instalments (EMIs) as well as one-month schemes.
The products will initially be available at 624 branches of Muthoot Fincorp Ltd, the group’s flagship company and one of the largest non-banking finance companies in India. The product will be available at Muthoot Fincorp branches in Mumbai, Bangalore, Delhi, Ahmedabad, Chennai, Coimbatore, Madurai, Vijayawada, Kolkata and Ludhiana.
The program also includes a spot buy-back option with assay, which will be available throughout the group’s countrywide network of Gold Point centres.
Muthoot Group Executive Director Thomas Muthoot commented, “In India platinum is often perceived as accessible to only the privileged few. We are proud to offer for the first time, a more affordable means to own this highly desirable metal. Supported by our buy-back option, our innovative savings program has been designed to satisfy the current unmet and growing demand for platinum ownership in India.”
Muthoot Precious Metals Division CEO Keyur Shah said, “Expanding into platinum is a natural step for us, and we are especially proud to be working with the WPIC to expand our product offering.”
World Platinum Investment Council Director of Market Development Marcus Grubb said, “India represents one of the most significant global opportunities for the development of platinum as an investment medium. We’ve already seen enormous growth in the market in recent years, especially with young consumers. Together with Muthoot Pappachan Group, we look forward to building even further momentum.”