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.
Availing one per cent duty reduction under the bilateral trade agreement, the Kozhikode-headquartered jewelry retail chain with a robust presence in India and in West Asia has set the ball rolling by importing 25 kg gold through ICICI Bank.
The import makes the jewelry retail chain the first beneficiary of the partnership agreement both in jewelry exports and imports.
MP Ahammed, Chairman, Malabar Group, said “The import will boost our `Make in India, Market to the World’ mission, which aims to drive demand for Indian jewelry across global markets banking on its unique craftsmanship. We’ll utilize the imported gold to enhance our domestic jewelry production capacity and generate employment, thus making India a global hub for jewelry sourcing and OEM manufacturing.”
In May, the company became one of the first beneficiaries of India-UAE CEPA when it received permission to export jewelry from India to the UAE with tax concessions. Under the agreement, the UAE Government has waived the five per cent import duty into the UAE.
Under the agreement, the UAE government has waived the 5% import duty into the UAE. MP Ahammed, Chairman, of Malabar Group, hopes to “utilize the imported gold to enhance [their] domestic jewelry production capacity and generate employment, thus making India a global hub for jewelry sourcing and OEM manufacturing.” This import makes Malabar Gold and Diamonds the first beneficiary of the partnership agreement both in jewelry exports and imports.
