Hyderabad, July 3: National Commodity and Derivatives Exchange Limited, NCDEX has opened its gold delivery center in Hyderabad today to provide Gold Now services.

National Commodity and Derivatives Exchange (NCDEX) has opened its fourth delivery center in Hyderabad to provide services of its recently launched market place, Gold Now. And the NCDEX is planning to open more two center in Mumbai and Jaipur soon.

Gold Now market place act as an online market for buying recycled gold from the exchange official gold refineries. As per Suresh Devnani, Head-Business Development of NCDEX said that “at present our focus is business to business segment. After paying of margin money of 5 percent totally value gold will be delivered to the buyers from the newly opened center in Hyderabad in two days after first transaction”.

Earlier the company has opened its centers in Delhi, Ahmedabad and Chennai and is in the process to set up more centers in Mumbai and Jaipur. The price of gold is offered in one kg and 100 gram for contracts and it will be decided by the refineries on a daily basis along with value added tax. Gold Now platform will provide an incentive to the domestic recycling industry, at present it has 17 refineries.

According to World Gold Council data in the country the demand of gold in last year is 995 tonnes, over 25,000 gold is seized by Indian households.