LONDON, Oct 14 (Reuters) - MMTC-PAMP has become the first Indian refiner to join the London Bullion Market Association's 77-strong silver Good Delivery List, a leading benchmark for silver bar quality.
The LBMA said the refiner's silver bars had been assayed by independent referees, and that it had met the LBMA's standards on ownership, history, production capability and financial standing.
MMTC-PAMP is a joint venture between Swiss refiner PAMP SA and Indian state-owned trading company MMTC, the largest importer of gold and silver in the Indian sub continent.
India, historically the world's largest gold consumer, is also the third largest silver market in terms of fabrication demand, behind the United States and China. Its silver demand grew by more than a quarter in the six years to 2012.
Speaking earlier this month on the sidelines of the LBMA's annual conference in Rome, Rajesh Khosla, managing director of MMTC-PAMP, told Reuters there were hopes his refinery would soon join the Good Delivery List for gold.
"There are 61 (LBMA-approved gold refineries) in the world and none in India," he said. "There is a huge vacuum."
(Reporting by Jan Harvey, editing by William Hardy)
((jan.harvey@thomsonreuters.com)(+44)(0)(207 542 7744)(Reuters Messaging: jan.harvey.reuters.com@reuters.net))
Keywords: GOLD/LBMA
