TRQ to facilitate gold imports at reduced duty rates
To benefit Malabar Gold & Diamonds with reduced jewellery manufacturing cost and enhanced capital efficiently
Malabar Gold and Diamonds, one of the largest gold and diamond retail chains of the country, has become the first jewellery group in India to obtain a TRQ (Tariff Rate Quota) license from the Director General of Foreign Trade (DGFT) whereby they can import gold through India International Bullion Exchange (IIBX).
TRQ will help the group in importing gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement (CEPA) at reduced duty rates with convenience and transparency.
Malabar Gold & Diamonds is the first qualified jeweller to put a trade to buy gold on IIBX under India-UAE CEPA directly through IIBX. This has become possible with the Indian Customs Electronic Data Interchange Gateway (ICEGATE) getting enabled at Gujarat International Finance Tec-City (GIFT City) SEZ.
Malabar Gold & Diamonds has also achieved an unparalleled feat which is a global first for any exchange transaction when the Bullion Depository Receipt (BDR) got settled within 30 minutes of the trade.
TRQ license to import gold is a significant development for Malabar Gold and Diamonds which is celebrating 30th year in the jewellery business this year. The license will help the group in reducing the jewellery manufacturing cost and enhancing capital efficiently.
Mr. MP Ahammed, Chairman, Malabar Group
Mr. MP Ahammed, Chairman, Malabar Group said, “It’s a matter of pride for us that Malabar Gold and Diamonds has emerged as the first jewellery group in India to obtain TRQ license for gold import. We would like to thank all the authorities who have made this transaction possible. This will further strengthen our mission – Make in India Market to the World. The TRQ license will also pave the way for us to become the number one jewellery group in the world.“
Malabar Gold and Diamonds is the first jeweller in India to introduce 100 percent HUID hallmarking in jewellery. It currently has 315 showrooms and 14 jewellery manufacturing factories in 10 countries. Malabar Group strictly adheres to the ESG (Environment Social Governance) norms and has been working towards fulfilling environmental and social commitments.
About Malabar Gold & Diamonds
Malabar Gold & Diamonds was established in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate. With an annual turnover of $5.2 billion, the company currently ranks as the 6th largest jewellery retailer globally and today has a strong retail network of over 315 outlets spread across 10 countries in addition to multiple offices, design centers, wholesale units and factories spread across India, Middle East, Far East & USA. The group, owned by more than 4,000 shareholders, has more than 18,500 professionals from over 26 countries working towards its continued success. Malabar Gold & Diamonds also features an online store www.malabargoldanddiamonds.com providing customers the opportunity to purchase their favorite jewelry at any time and on any day from the comfort of their homes.
The group also operates MGD – Lifestyle Jewellery, a retail concept offering trendy and light weight jewellery that represents the independent and the modern woman through its designs and collections. ESG (Environmental, Social & Governance) has been the primary commitment of the group since its inception. The key ESG focus area of Malabar Group are Health, Housing, Hunger Free World, Education, Environment and Women empowerment. Integrating the principles of responsibility and sustainability into its core business, Malabar Group periodically strengthens its ESG goals to remain a socially conscious and responsible organization. The group contributes 5% of its profit to such initiatives in the same country of operation.
Disclaimer: This is a press release from NewsVoir. No SB journalist is involved in creation of this content.
