Mumbai, Maharashtra, India
- 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 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.
–Press release through NewsVoir