Malabar Gold and Diamonds, has obtained a TRQ (Tariff Rate Quota) license from the Director General of Foreign Trade (DGFT) whereby they can import gold through the India International Bullion Exchange (IIBX).
According to the official statement, the company has become the first jewellery group in India to obtain it.
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.
“This has become possible with the Indian Customs Electronic Data Interchange Gateway (ICEGATE) getting enabled at Gujarat International Finance Tec-City (GIFT City) SEZ,” the company said.
Also, Malabar Gold & Diamonds has 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, it added.
The license will help the group in reducing the jewellery manufacturing cost and enhancing capital efficiently.
MP Ahammed, Chairman, Malabar Groupsaid, “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 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.
