Malabar Gold and Diamonds Becomes First Indian Jewelry Group to Secure TRQ License for Gold Imports through IIBX

Malabar Gold and Diamonds has become the first jewelry group in India to obtain a Tariff Rate Quota (TRQ) license from the Director General of Foreign Trade (DGFT), allowing them to import gold through the India International Bullion Exchange (IIBX).

By obtaining the TRQ license, the group can now conveniently and transparently import gold through the IIBX at reduced duty rates, thanks to the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

Malabar Gold and Diamonds has achieved a remarkable milestone as the first qualified jeweler to directly engage in gold trading on the IIBX under the India-UAE CEPA, facilitated by the Indian Customs Electronic Data Interchange Gateway (ICEGATE) at Gujarat International Finance Tec-City (GIFT City) SEZ. In another unprecedented accomplishment, the Bullion Depository Receipt (BDR) was settled within just 30 minutes of the trade, making it a global first for any exchange transaction. This TRQ license to import gold marks a significant development for Malabar Gold and Diamonds, especially as they celebrate their 30th year in the jewelry business. It will greatly contribute to reducing manufacturing costs and enhancing capital efficiency for the group.

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. 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.”

Malabar Gold and Diamonds is the first jeweller in India to introduce 100 percent HUID hallmarking in 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.