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Malabar Gold first Indian Jewellery house to get TRQ licence to import Gold through IIBX

Malabar Gold became the first Jewellery house in India to get the TRQ licence issued by DGFT whereby they could import Gold through IIBX.

Malabar Gold was the first Qualified Jeweller to put a trade to buy Gold on India International Bullion Exchange (IIBX) under India UAE CEPA directly through IIBX. This became possible with the ICEGATE getting enabled at GIFT City SEZ.

‘We at Malabar Gold are confident that our trades on IIBX will going forward increase manifold and the ICEGATE and TRQ trade through IIBX will greatly benefit the Jewellery business in India to reduce cost and increase efficiency of the Working Capital cycle”, according to a statement released by Malabar Gold.

Malabar Gold reported that at IIBX the Bullion Depository Receipt (BDR) got settled within 30 minutes of the trade, a global first for any exchange transaction.

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