Malabar Gold and Diamonds becomes the first jewellery group in India to obtain a TRQ license for gold import through IIBX

Tariff Rate Quota (TRQ) will facilitate gold imports at reduced duty rates and help Malabar Gold & Diamonds cut jewellery manufacturing costs

Malabar Gold and Diamonds has become the first jewellery group in India to obtain a Tariff Rate Quota (TRQ) license from the Director General of Foreign Trade (DGFT), whereby they can import gold through the India International Bullion Exchange (IIBX).

TRQ will help the group import 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) enabled at Gujarat International Finance Tec-City (GIFT City) SEZ.

TRQ’s license to import gold is a significant development for Malabar Gold and Diamonds, which is celebrating its 30^th year in the jewellery business this year. The license will help the group in reducing the jewellery manufacturing cost and enhancing capital efficiently.

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 a TRQ license for gold import. We 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 per cent 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.

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