Malabar Gold and Diamonds has become the first jewellery group in India to obtain a TRQ (Tariff Rate Quota) licence from the Director General of Foreign Trade for importing gold through India International Bullion Exchange.
TRQ will help the group to import gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement at one per cent lesser import duty.
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 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 got settled in 30 minutes of the trade.
TRQ license to import gold is a significant development for the company which will help the group to reduce 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 TRQ license for gold import.
Malabar Gold and Diamonds has 315 showrooms and 14 jewellery manufacturing factories in 10 countries.