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Muthoot Exim Plans 200 Gold Point Centres By End Of FY27-28 Amid Rising Focus On Gold Recycling

The Company, Currently Operates 109+ Centres and Has Recycled Nearly 5 Tonnes Of Gold Since Its Inception.

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Muthoot Exim Pvt Ltd., the precious metals division of the 139-year-old Muthoot Pappachan Group (Muthoot Blue), and among India’s first organised gold recycling players, plans to expand its Muthoot Gold Point network to 200 centres by end of FY27-28. 

The expansion aligns with the growing momentum around organised gold recycling amid increasing focus on reducing gold imports, strengthening domestic gold circulation and supporting India’s long term economic growth story.

Keyur Shah, CEO, Muthoot Exim, said:

“Through Muthoot Gold Point, we at Muthoot Exim, recognised the opportunity in organised gold recycling very early and have actively focused on building a transparent and trusted ecosystem for customers across India. As the Honourable Prime Minister emphasised upon reducing gold imports and strengthening domestic gold circulation, we firmly believe organised gold recycling can support India’s growth story while advancing sustainable and ESG aligned practices.” 

He further added, “Today, Muthoot Exim operates 109 Muthoot Gold Point centres across the country. Till now, Muthoot Gold Point has recycled nearly 5 tonnes of old gold from more than 55,000 customers, with around 40 percent of customers returning for repeat transactions. The company now plans to expand the network to 200 centres to increase its annual gold recycling volumes.

Muthoot Gold Point offers scientific gold testing and transparent valuation processes aimed at formalising the largely unorganised gold recycling market in India. 

Through these centres, the company sources old and unused gold directly from consumers, which is then refined and reintroduced into the domestic market as 24K pure gold that can be supplied to jewellery & coin manufacturers. This process helps reduce the need for new mining activities while supporting the domestic gold supply chain and promoting responsible gold consumption.

Muthoot Gold Point Centres are known for their commitment to transparency, enabling customers to observe the entire valuation process while receiving fair and accurate value for their gold. Instant cash payments are provided for gold valued up to Rs 10,000, while higher amounts are processed through IMPS, NEFT or RTGS, ensuring a smooth, secure and hassle-free transaction experience.

The consumer behaviour is also gradually shifting, with gold increasingly being viewed as an active financial asset rather than idle wealth stored in lockers. Bringing even a small portion of household gold back into circulation can help reduce import dependence, strengthen domestic gold availability and contribute towards the vision of a self-reliant and Viksit Bharat through a more sustainable and organised gold recycling ecosystem.

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National News

India’s Major Retail Jewellery Players Made A Strong Start To FY27

The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.

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India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.

Kalyan’s broad-based growth

Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.

The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.

PNG’s premium mix

P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.

PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.

Titan’s steady momentum

Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.

Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.

What it means

The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.

For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.

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