MMTC-PAMP to Pilot Silver Recycling at Stores Amid Rising Demand

MMTC-PAMP is preparing to expand its recycling operations by introducing silver recycling on a pilot basis, responding to sustained demand growth and tightening supply conditions in the global silver market, as per PTI report. 

Pilot Rollout, Rationale and Infrastructure 

The company plans to start silver recycling at existing stores within three months, with a pilot likely in Delhi in 3-4 months. MMTC-PAMP operates 20 gold recycling stores that can be adapted for silver and will begin the pilot at a few locations before a wider rollout. 

Managing Director and Chief Executive Officer Samit Guha said the move is driven by favourable economics and limited growth in global mine production. “If silver demand keeps going the way it is, we could have serious supply-side constraints. Eventually, recycled silver will have to play a bigger role to fill this gap,” he said.  

Guha added that the pilot will require equipment upgrades, recalibration to handle silver, staff training and some technology investments at recycling and assaying centres, though these will not be significant. 

Expansion Plans, Prices and Market Dynamics 

MMTC-PAMP plans to double its store count over five years, expand minting capacity from 2.4 million to 3.6 million coins with a focus on South and Eastern India, and scale digital sales through its website, Amazon and Flipkart, alongside digital gold and silver offerings. 

On pricing, silver and platinum have risen 130–140% globally over the past year, while gold is up about 75%. Silver hit a record ₹3,34,300 per kg on January 21. Guha said silver has delivered nearly double the returns of gold over 12 months, calling it “a new gold” for investors, while noting gold’s role in de-dollarisation and silver’s strength in industrial use. 

Imports, Household Holdings and Capacity 

MMTC-PAMP mainly imports gold in dore form and has historically maintained a 1:1 gold to silver import ratio. In FY 2024–25, it imported about 40 tonnes of gold and 50 tonnes of silver. During April to December of the current fiscal year, imports stood at 36 tonnes of gold and 60 tonnes of silver, which Guha said reflects overwhelming demand for silver.  

He noted that Indian households hold an estimated 25,000 tonnes of gold and nearly ten times that volume in silver and called for policy support to boost silver recycling. MMTC-PAMP operates India’s only LBMA-accredited refinery that meets both gold and silver good delivery standards. 

Read More: Silver Rally Turns Historic as International Price Cross $100 For the First Time Ever! 

MMTC Share Price Performance  

As of January 23, 2026, at 3:30 PM, MMTC Ltd share price closed at ₹63.68 per share, reflecting a decline of 1.93% from the previous closing price. Over the past month, the stock has declined by 0.87%. 

Conclusion 

With a pilot-led approach to silver recycling, capacity expansion plans and rising silver imports, MMTC-PAMP is positioning itself to address growing demand while strengthening its presence across recycling, minting and digital channels. 

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