The brand focuses on customer benefits from uniform gold pricing and reaffirms its commitment with responsibly sourced products
Bengaluru, NFAPost: Malabar Gold & Diamonds, one of the leading gold and diamonds jewelry retail chains in the country launched a new initiative ‘One India One Gold Rate’ to offer uniform gold rate across all states in the country.
Kozhikode-headquartered Malabar Gold & Diamonds’s new initiative also assures 100% BIS hallmarked and responsible sourced gold without compromising on the quality and purity of gold.
While the international gold prices are transparent and uniform custom duty and taxes are applied across the globe, in India, there exists a disparity across states in the rates of gold, even though gold is primarily sourced from the same designated banks.
Such differentiated pricing of gold, which is essentially a commodity of specified and measurable quality, does not favour consumer interest. In some cases, the price difference between the states with highest gold rates and lowest rates is as high as Rs.400 per gram. Malabar Gold & Diamonds, over the years has recognized this issue and worked towards creating a uniform pricing policy to safeguard gold buyers across the country.
In India, gold is not only considered auspicious, it also is a primary instrument of saving and investment across strata. The One India One Gold Rate initiative will ensure the customers across the country purchase gold at fair price. Also, the gold they are buying is conflict-free and pure by ensuring responsible sourcing. Another key aspect from Malabar is the buyback assurance to the customer whenever they want to sell or exchange their gold all across India.
Commenting on the new initiative, Malabar Group Chairman Ahammed MP said while the Covid-19 pandemic has caused severe turmoil across sectors, the demand for gold has stayed consistently high.
“This shows the Indian consumer’ affinity towards the yellow metal as a saving and wealth creation instrument. Our initiative of One India One Gold Rate aims to further protect the consumer interest by providing them with a uniform gold rate without compromising on purity. Gold is a part of Indian tradition since centuries and is a part of all auspicious occasions,” said Malabar Group Chairman Ahammed MP.
Malabar Group Chairman Ahammed MP however pointed out that for gold to be truly auspicious, it needs to be procured responsibly without exploitation of the stakeholders.
“We at Malabar, believe in our key principles – consumer interest, transparent business practices, and sustainable and inclusive growth. This is one big step towards our commitment to our customers across the country,” said Malabar Group Chairman Ahammed MP.
As the customers gear up for Dhanteras and Diwali, Malabar’s initiative on uniform gold pricing would be implemented across its 120 showrooms in the country. Malabar Gold & Diamonds is known for its quality and exquisite designs. The company prides itself in maintaining complete transparency and ensures responsible sourcing of gold, diamond, and platinum to provide its customers conflict-free products.
Enthusiastic about the One India One Gold Rate, Malabar Gold and Diamonds India Operations Managing Director Asher Ottamoochikkal said it is time for the Indian gold sector to set a standard in pricing, sourcing responsibly, and exchange policies to build a sustainable ecosystem.
“The only differential between buying gold from one manufacturer to another should be the value of designing the ornament and the auxiliary benefits provided to the customer during and after purchase. One India One Gold Rate is a step in this direction and demonstrates our market leadership as far as customer centricity is concerned. At Malabar, we believe that by being transparent and by empowering the customer, we can create an ecosystem built on trust for the sector,” said Malabar Gold and Diamonds India Operations Managing Director Asher Ottamoochikkal.
The sector has several challenges in term of supply chain, certifications and documentation needed to deter unscrupulous business practices. For this, the industry needs to seek transparency throughout, from the mining source and enabling tracking mechanisms till it reaches various establishments.
Tracking of gold throughout the supply chain will help arrest malpractices and strict provisions from the govt will bolster the sector. Lowering duty and other levies will also discourage and help eliminate smuggling of gold, which is a major concern for the sector. Malabar’ One India One Gold Rate is a step in the direction to create a transparent and level playing field, while ensuring the benefit to the consumer as the primary objective.
The best part is One India One Gold Rate is not an offer campaign, but this is Malabar Promise to its patrons. Malabar Promise’ is a set of assurances offered by the brand exclusively to its customers to enable worry-free shopping as well as to safeguard their purchases for their lifetime.
All existing privileges such as 0% deduction on exchange and best value on buyback continue like before. Malabar Gold & Diamonds has been offering 100% BIS hallmarked gold ornaments for more than two decades despite no government mandate to ensure the same in the interest of customers.
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Malabar Gold & Diamonds is the flagship company of Malabar Group, a leading diversified Indian business conglomerate. Founded in 1993 by a team of enterprising businessmen led by Ahammed MP at the northern city of Kozhikode, Kerala, Malabar Gold & Diamonds has come a long way to become the world’s fifth-largest jewellery retailer with over 260 showrooms spread over ten geographies with its annual turnover touching approximately Rs. 30,000 crores.
With 13 cluster manufacturing units in India and GCC, the company currently has 12 jewellery brands to cater to the discerning needs of customers. This is a rare achievement for a business house that started its long march as a single shop retail outlet and reached the pinnacle of its business vertical in such a short span of time. With headquarters in Kerala and branches across India, Middle East and the Far East, Malabar Group is best known for its activities in the field of gold, diamonds, silver and lifestyle articles.