BRIEF23 brings you insights and inspiration from Vikas Singh, MD and CEO of MMTC-PAMP – a joint venture between Switzerland based bullion brand, PAMP SA, and MMTC Ltd, a Government of India Undertaking, MMTC-PAMP operates the world’s most advanced precious metals processing facility that was set up in 2008.
Vikas writes on invitation and exclusively for our special series BRIEF23, which features industry stalwarts, thought leaders, industry captains, business heads, brand custodians and other C-suite heads from diverse companies across sectors, size and scale, sharing their learnings from 2022, and guidance and inspiration to help empower professionals for the upcoming FY 2023-24.
Managing Director & Chief Executive Officer of MMTC-PAMP since 2020, Vikas has over 25 years of experience in leading, growing, and transforming businesses in hyper-competitive environments. Building a culture centered around innovation and customer experience, enabled by winning teams is a critical part of his leadership philosophy.
Previously, he was the Managing Director of Pearson Education, India & South Asia, the world’s leading learning company. He has also held leadership positions in companies such as Kimberly-Clark and Airtel.
Vikas believes in lifelong learning and has attended leadership programmes at premier global schools such as the Harvard Business School, INSEAD, Jim Collins Academy, and the Singtel Group, to name a few. Vikas holds a degree in Business Management from FMS, Delhi.
BRIEF23 by Vikas Singh – MMTC-PAMP
2022 defined: Precious metals as a sector are very dear to everyone’s heart- whether you are a consumer, trader, part of the industry, or part of the government. Post-COVID-19, it has truly lived up to its promise of being a safe haven.
This sector, like many others, also experienced volatility but what distinguished it was the faith people invested in times of increased volatility. More so, the role of core investment products like coins, bars, and Digital options like Digital Gold & Silver, offered by MMTC-PAMP, have seen a sharp increase in uptake.
Gen Z and Millennials are clearly setting a new pattern in the way they engage with the yellow (and white) metal. At MMTC-PAMP, we have attempted to meet these expectations through an unmatched portfolio built on the principles of trust, purity, and craftsmanship.
For MMTC-PAMP, the year was good and we witnessed many milestones like the launch of our Azadi Ka Amrit Mahotsav coins, which stood out because of their unique concept. This has been received very well and we won numerous accolades. Furthermore, we have built on these credentials through our ESG commitments and emerged as an undisputed leader in creating a truly world-class multi-metal precious metals ecosystem.
On track, ahead of, or trailing the pack?: The pandemic has truly tested all management theories. It’s in times like this that a team must introspect and strategize together on the essence and value that an organization stands for.
We have taken some big decisions on this count and charted out a vision, mission, and value statement which ensures not only will our customers get “more” every time they engage with MMTC-PAMP, but also get unmatched experience at every touch point – physical or digital, and nothing short of the true value for their investment.
With this in mind, our portfolio of products has been refreshed and a thematic route is taken. We have also aggressively invested to increase our footprint across the country so that our customers can experience the unique designs and distinctive craftsmanship of our products, in person.
MMTC-PAMP’s physical footprint has been strategically backed by a digital presence which allows ultimate flexibility to buy, sell and redeem at zero transaction/making charges, which is a huge plus in this sector.
Our portfolio proudly claims to have the purest gold and silver products, 999.9+ purity, and the weight offered is also more than the stated weight, thereby living up to our stated value of “more” at each instance. With such formidable and fast-paced initiatives, we have been delivering the best ever results even in difficult times.
Under the hood: The reasons behind our expansion and success are our unique offerings and commitment to excellence. We are the only gold and silver goods delivery refinery accredited by LBMA. LBMA accreditation requires the highest standards in ethics, governance, purity, and craftsmanship. Hence, nothing short of world-class purity and craftsmanship.
Our new thematic approach ensures we have something for everyone. From collectors/history buffs (Netaji, Aazadi ka Amrit Mahotsav coins) to Marvel fans (Thor, Hulk), we have ensured that our products echo Indian sentiments and meet global standards.
Customer centricity is the core of our values and our retail stores (known as Purity Verification Centres or PVCs) ensure that our customers experience complete transparency in whatsoever they desire. This is especially applicable when they come to sell their precious family jewellery and get immersed in an experience that stands out for its ease, transparency, and reliability.
While there are a lot of initiatives taken, they are underscored by one common value – Trust. This is what we stand for and is the cornerstone of everything we do.
Lessons learnt: One of the remarkable things that we all collectively witnessed in the past few years is the resilience of the human spirit. Our recovery from a pandemic has been an eye-opener for many of us and I feel that now people have realised the significance of ‘taking a pause.’ As a company, we plan to focus on areas of sustainability and creating a better quality of life for our employees and also for the communities around us.
We have invested extensively in healthcare, education, women empowerment, and supporting the underprivileged, and we plan to build on this count by bringing more such crucial practices into our everyday lives. Carbon neutrality is an area we all now need to be thinking about and working towards.
Who/What inspired me: Interestingly, I now find I learn a lot from my two daughters and the younger generation around me. Their very apt questioning of our purpose, values, work ethics, and therefore choices is something I listen to very keenly and learn from.
Every generation needs to think about what it is leaving behind for the next one, and this is my true inspiration in doing what I do – touch lives by leaving things better than what you got. To quote Mahatma Gandhi – “be the change you wish to see in the world.”
Looking ahead: Since our incorporation, we have earned multiple accolades from both local and global industry forums for our unwavering commitment to transparency and sustainability in the sourcing, refining, and distribution of precious metals in the Indian market. MMTC-PAMP is now catering to the growing demand for industrial silver in India.
In addition, the company is establishing an e-waste recovery plant that will extract precious metals such as gold and silver from discarded electronics like mobile phones, and computers and responsibly dispose of the waste, thereby creating a truly circular economy.
And here’s how we’ll do it!: We would like to be an agile and entrepreneurial organization committed to creating a next-gen, best-in-class precious metals ecosystem, built on fundamental principles of trust, experience, innovation and teamwork. Our customers’ trust in us drives us even harder to set the highest of standards in everything we do. This will always be the essence of MMTC PAMP.
Advice: Customer centricity backed by fundamentally sound business principles. The old saying – “a fool and his money are soon parted” is very true today. Concepts like “cash burn” and “future income” need drastic reviewing in today’s VUCA (volatility, uncertainty, complexity, and ambiguity) world, and it’s literally time to “stick to the basics and what you can be the best at”. Jim Collins’ principles in his book “Good to Great” are a must-read for those who haven’t yet done so.
One big learning/realization: My first leadership role in Airtel, backed by an incredible team and the most amazing supervisors and support system, has made a permanent impact on the way I think and work. It’s about trust, people, pace, and innovation, and innovation can no longer be incremental, it has to be disruptive.
The quote or thought that’ll inspire me in 2023: “When you are good at something, you’ll tell everyone. When you are great at something, they’ll tell you”! So focus on being great at everything you choose to do.