Karur Vysya Bank (KVB) has announced the launch of its precious metal business for its corporate customers

KVB serves approximately 6,000 jewellers and jewellery manufacturers and in order to serve them fully, the bank now offers precious metals (gold and silver) to its corporate customers (B2B).

The gems and jewellery business in the country contributes about 7 per cent of the GDP and 15 per cent of the total merchandise exports. 

After China, India is the second largest consumer of gold where the demand was about 700 tonnes during 2019. As the gems and jewellery business is an important part of the economy the bank is now in a position to enhance its support to this important industry, the release said. It is currently ramping up the business to fully extend support to its existing set of customers across the nation.