Malabar Gold -; Diamonds gets 1% import duty rebate under CEPA

31 Oct 2022 , 09:42 AM

Malabar Gold & Diamonds, a major retailer of jewellery in India, is the first jeweller to import 25 kg of gold as part of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. According to the arrangement, the gold was imported through ICICI Bank with a 1% duty rebate.

For the first time in India, the firm has successfully utilised the duty benefits of the agreement for both import and export. The Company was also one of the first few jewellers to be given approval under this arrangement in May 2022 to export jewellery to the UAE with tax benefits.

Malabar Gold and Diamonds gained approval to export jewellery from India to the UAE with tax breaks in May 2022, making it one of the first companies to benefit from the India-UAE CEPA. The 5% import charge into the UAE has been waived as per the agreement.

After being signed in Delhi in February 2022 by UAE Minister of Economy Abdulla bin Touq Al Marri and Union Minister of Commerce and Industry Piyush Goyal, the CEPA between India and the UAE went into force on May 1, 2022.

Currently, Malabar Gold and Diamonds operates 14 manufacturing facilities and approximately 290 showrooms in ten different countries.

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