Malabar Gold & Diamonds becomes first Indian jewellery business to obtain Tariff Rate Quota license

By

Isabelle Crossley

Published
May 19, 2023

Jewellery brand Malabar Gold & Diamonds is now able to import gold through the India International Bullion Exchange. The business is the first jewellery company in India to obtain a Tariff Rate Quota license from the Director General of Foreign Trade. 

“It’s a matter of pride for us that Malabar Gold & Diamonds has emerged as the first jewellery group in India to obtain TRQ license for gold import,” said the business’ chairman MP Ahammed, ET Bureau reported. “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 license will also pave the way for us to become the number one jewellery group in the world.” 
 
The business settled the Bullion Depository Receipt within half an hour of the trade which was the swiftest time for an exchange transaction reported globally, according to Malabar Gold & Diamonds. With its TRQ license, the business will be able to more easily import gold under the India-UAE Comprehensive Economic Partnership Agreement with reduced duty rates.

Malabar Gold & Diamonds is currently celebrating its 30th birthday. The business, which specialises in 100% HUID hallmarking in jewellery, counts 315 showrooms as well as 14 jewellery manufacturing facilities spread across 10 countries.