Malabar Gold and Diamonds gets TRQ licence
HYDERABAD: Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country, became the first jewellery group in India to obtain a TRQ (Tariff Rate Quota) licence from the Director General of Foreign Trade (DGFT).
TRQ will help the group import gold through the India International Bullion Exchange (IIBX) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) at reduced duty rates with convenience and transparency.
The licence will help the group in reducing jewellery manufacturing costs and enhancing capital efficiently as it celebrates its 30 years in the jewellery business this year.
MP Ahammed, Chairman, of 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 licence 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 licence 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 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.