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
Mumbai: Malabar Gold and Diamonds, the gold and diamond retail chain, 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), the company announced in a press release.
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 and 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 and 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.
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. 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.”
Established in 1993, Malabar Gold and Diamonds is the first jeweller in India to introduce 100% Hallmark Unique Identification (HUID) hallmarking in jewellery. It currently has 315 showrooms and 14 jewellery manufacturing factories in 10 countries in addition to multiple offices, design centres, wholesale units and factories spread across India, Middle East, Far East and USA. Malabar Group strictly adheres to the ESG (Environment Social Governance) norms and has been working towards fulfilling environmental and social commitments.