One India One Gold Rate
In India, all leading jewellers procure gold from the same banks at the same international rates. On top of this, they pay the same duties and taxes to the government authorities. And yet customers in different states pay different rates for gold even though they are buying a commodity of standard quality. The only reason for this is rate fixation by local and regional industry bodies.
At Malabar Gold & Diamonds, they believe that customers should not be differently charged for what is essentially a commodity just because of where they reside. The team had been trying to convince various stakeholders to bring in a transparent pricing mechanism across the country so that customers are benefitted for a number of years now. This Diwali the team thought it would be the perfect occasion to adopt One India One Gold Rate as a policy and take a leadership role in offering this benefit to the customers across India.
Concept of responsible sourcing of gold
Gold is an integral part of Indian culture and assumes prime importance in all auspicious occasions of our lives right from the birth of a child to a wedding in the family. But for it to be truly auspicious, it needs to be procured in a manner that is free from exploitation and malpractices. The global supply chain of gold is still quite cloudy and smuggling, human rights violations, child labor, money laundering, terrorist financing, etc are ugly realities that we often turn a blind eye to. At Malabar Gold & Diamonds, they procure LBMA Trusted gold bars from RBI approved banks and authorized vendors. These LBMA Trusted Bars come with trackable information from the source of origin (gold mines) till the point of sale (store). It meets responsible for gold acquisition standards.
The biggest consumer benefit from this is that consumers can now purchase guilt-free gold. As the Covid-19 pandemic has shown, we can no longer afford to be insensitive to the needs of others and sustainability has become a core business practice. Coupled with the value offered by One India One Gold Rate, responsibly sourced gold from Malabar Gold & Diamonds will add sheen to the consumers' festive shopping this Diwali.
“For us, purity of gold is not merely the metal composition of the gold, for which BIS Hallmarking process exists. That is important, of course, but not sufficient. True purity of gold is when it has also been procured in a pure and guilt-free manner through sustainable business practices and processes,” says MP Ahammed, Chairman, Malabar Group.
Expansion plans and future innovations
“We have robust expansion plans going forward. Just this month in the lead-up to Dhanteras, we are opening nine showrooms across the globe including five in India. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years. In the near future, we are also looking at assuming an omnichannel presence and augmenting our e-commerce capabilities,” shares MP Ahammed, Chairman, Malabar Group.