Malabar Gold becomes the first jeweller to import gold under India

 The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE allows for the importation of gold, and Malabar Gold and Diamonds is the first jeweller in India to do so. The Kozhikode-based jewellery retail business, which is well-known in West Asia and India and is benefiting from a 1% tariff cut under the bilateral trade agreement, got things started by bringing in 25 kg of gold through ICICI Bank. Let’s explore the notification in detail.

Malabar Gold becomes the first jeweller to import gold under India


Malabar Gold and Diamonds has become the first jeweller in India to import gold under the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. The Kozhikode-based jewellery retail business, which is well-known in West Asia and India and is benefiting from a 1% tariff cut under the bilateral trade agreement, got things started by bringing in 25 kg of gold through ICICI Bank. As a result of the import, the jewellery retail chain is now the primary gainer from the cooperation agreement for both jewellery imports and exports.

The import will support our "Make in India, Market to the World" objective, which seeks to increase demand for Indian jewellery across international markets by leveraging its distinctive craftsmanship, according to MP Ahammed, Chairman of the Malabar Group. India will become a hub for jewellery sourcing and OEM manufacture by using imported gold to increase domestic jewellery production capacity and create jobs.

When the company was given a license to export jewellery from India to the UAE with tax breaks in May, it became one of the CEPA's initial beneficiaries. The five percent import duty into the UAE has been waived under the terms of the agreement by the UAE Government.

The CEPA between India and the UAE came into effect on May 1, 2022, after Union Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdulla bin Touq Al Marri signed the agreement in Delhi in February.

About Malabar Jewellers

Malabar Gold and Diamonds currently operates 14 manufacturing facilities and approximately 290 showrooms in ten different countries. By the end of March 2023, it intends to have 373 showrooms worldwide and be present in 13 different nations. Malabar Gold and Diamonds, which was founded in 1993, has come a long way to rank as the fifth-largest jewellery store in the world, with an annual turnover of close to 30,000 crore. The company presently owns 12 jewellery brands and operates 13 cluster manufacturing sites in India and the GCC.

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