PMMC to increase jewelry production

JewelryThe Precious Minerals Marketing Company (PMMC) Limited is to increase production of light weight jewelry in gold and silver to increase revenue and overall profitability of the Company.

The Company is also committed towards using its internet marketing facility to expand its customer base to sell the high quality products with elegant designs, at competitive prices.

Mr Kwabena Kyereh, Board Chairman of the PMMC, announced this at the Company’s Seventh Annual General Meeting organised in Accra on Friday.

He said management would ensure that the diamond cutting and polishing plant reached its full capacity by the end of 2013 to create jobs for the youth.

Mr Kyereh expressed the hope that management would increase the employment opportunity for the youth from the current 20 to 100.

It should be recalled that PMMC had invested GH¢334,888 in a diamond cutting and polishing plant.

This was necessary to enable the Company add value to rough diamonds mined in the country rather than to export the raw mineral and importing the same mineral at higher prices for the jewellery industry.

Mr Kyereh said management would develop other local stones for ornament, adding that the Company would intensify her efforts to ensure the completion of the project by the end of 2013.

In the area of high financial cost, he said the Company managed its working capital and reduced their dependence on banks adding that the Company managed costs and minimised the risk of exports.

PMMC’s turnover for the year was GH¢164,809,214, representing 11.6 per cent increase over the previous year.

The increase is attributed to the Company’s focused activity in sales of jewelry.

Alhaji Inusah Fuseini, Minister of Lands and Natural Resources, in a speech read on his behalf, urged PMMC to expand her operations into all the regions to ensure that the country’s gold could be patronised countrywide.

He pledged Government’s support in terms of policy guidelines for the purchase and sale of gold from the small scale mining sector when PMMC’s gold refinery was competed and became operational.

In 2012, management initiated a project to construct a gold refinery and it is expected to be completed this year with a capacity of 70,000 ounces per year.

Alhaji Fuseini said “we…assure you of our support in your quest to improve the operations of the company by adding value and creating jobs to make the Government’s Better Ghana Agenda a reality”.

Source: GNA

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