Malabar exports 25kg gold to UAE under CEPA
Jewellery business Malabar Gold and Diamonds has become the first Indian business to import 25 kilograms of gold into the UAE following the Comprehensive Economic Partnership Agreement signed between the two territories.
“We have become the first beneficiary of the partnership agreement between India and the UAE in jewellery exports as well as imports,” said Malabar Group’s chairman MP Ahammed, ET Bureau reported. “The tariff concessions offered in the India-UAE CEPA will enhance domestic jewellery production capacity, generate various employment opportunities and make India a global hub for jewellery sourcing and OEM manufacturing.”
The business became one of the first jewellery companies to benefit from the India-UAE CEPA in May this year when it was given permission to export jewellery from India and import it into the UAE with tax concessions. The UAE government waived the usual 5% import tax rate on the gold as the CEPA was introduced on May 1, 2022 after being signed by India and the UAE in February.
Malabar Gold and Diamonds specialises in Indian traditional gold jewellery and has a total of 14 manufacturing units spread across 10 countries. The business counts over 290 showrooms and recently released its winter festive and bridal jewellery collection across India.
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