Monday, February 11, 2013

Past, present and future of the company...

Chairman, MMTC with jayant mundhra on past, present and future of the company...

B&E: Who do you bear in mind as your target audience?
SB: India’s obsession and fascination with gold is well known. While some section want to keep it as a safeguard for the future, another section want to use it for purpose of jewellery. So, almost all classes in India are our target audience.

B&E: You are mainly into import of gold and selling it in India. Keeping that in mind, what is the relevance of ‘Festival of Gold’ that you hold every year?
SB: We are the biggest supplier of gold, but at the same time, our main focus is on importing gold. However, 1989 was the first year when we imported gold and sold it in the Indian market. As far as the ‘Festival of Gold’ is concerned, it has been a huge success ever since it came into existence. In fact, the festival is an exhibition where we showcase our products as well as varieties of gold to buyers from across the country. In fact, the gold fest is a platform where buyers get a platform to interact with us at length. Apart from this, the exhibition also helps artists, who come from various regions of the country, to showcase their artworks.

B&E: For the first time, MMTC recently entered into a joint venture (with Gitanjali Jewellers) to move a step closer to the retail consumers. How do you see the road ahead?
SB: This is the first time that we are entering into a joint venture and I must say that Gitanjali Jewellers is a great brand to start with. They are very aggressive in their approach to tap the market and have got tremendous brand recognition amongst Indian populace.

B&E: According to you which is your core competence?
SB: Our core competence is in doing purity check of gold and then hallmarking it accordingly. This kind of service is not provided by any other player in the country. Hence, we have also developed a special symbol for our hallmark. To understand the kind of gold a person is buying, all one needs to do is look for a hallmark.

B&E: How well has the market taken up the job of quality check so far?
SB: We first opened our shop in New Delhi, and at present, we are operating with 11 stores across India. The response has, however, been tremendous. We are now planning to increase that number to 63 shortly.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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