ANI | Updated: May 09, 2022 16:45 IST
Mumbai (Maharashtra) [India], May 9 (ANI/NewsVoir): Gold consumers across the country have been making merry for the past several days as Malabar Gold and Diamonds, one of the largest jewellery retailers in the country, has been offering the lowest gold rates in the country as part of its One India One Gold Rate initiative.
This initiative, introduced in 2020 by the leading Group, does away with the industry practice of selling gold at different rates in different states of the country. The lowest pricing of gold benefits customer dually as they stand to gain not just from lower gold rates but also the reduction in making charges which are fixed as a percentage of the gold rate.
The brand is able to offer this price advantage because it subscribes to a fair price policy which allows for transparent and reasonable pricing of products. Apart from assigning making charges starting from mere 2.9 per cent onwards, Malabar Gold and Diamonds charges the exact same rate for gold across the country. This creates a situation of price difference for same 22 Kt gold across different states. According to various market surveys, the price difference between the states with the highest gold rates and lowest rates in the country during Akshaya Tritiya was up to Rs 350 per gram.
"Gold continues to be the safest tool for investment and wealth in the country. We introduced the scheme to ensure the best prices to each customer, irrespective of their place of stay. Gifts crafted from gold symbolizes the love and respect we give others and therefore it is important that they are pure in all respects. As a responsible jeweller, we ensure that all the jewellery we sell is responsibly sourced, right from the mines till it reaches customers' hands," said Malabar Group Chairman M P Ahammed.
"Every jeweller sources gold from the same government authorized entities at the same international rates and pay the exact same amount of taxes in the country. Still, the selling prices differ from market to market. It is important to do away with this practice and benefit the customers. There should be a strong tracking mechanism right from mining to manufacturing and sourcing to selling in this regard," he added. The Malabar Group, always committed to ensure the highest standards and purity in gold.
Malabar Gold and Diamonds is the flagship company of Malabar Group, a leading diversified Indian business conglomerate. Established in 1993 in the Indian state of Kerala, Malabar Gold and Diamonds today has a strong retail network of over 280 outlets spread across 10 countries, 14 wholesale units in addition to offices, design centers and factories spread across India, Middle East, Far East and USA. With an annual turnover of USD 4.51 billion, the company currently ranks one among the largest jewellery retailers globally.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
FAQs
As the gold rates are the cheapest in Kerala, it is the best state for buying gold, both for consumption and investment.
What is the price of gold in India today in Malabar? ›
Today's Gold Rate
| 22 KT(916) - | ₹ 6700/g |
|---|
| 18 KT(750) - | ₹ 5482/g |
Gold rate in India today is ₹ 71,820 per 10 grams for 24 Carat and ₹ 65,780 for 22 Carat.
What is the making charge of malabar gold? ›
Malabar Gold Scheme
The house of Malabar Gold & Diamonds has introduced Golden Gain Plan, which helps the customers to plan the jewelry purchase in advance and buy the ornaments through monthly installments without paying any kind of making charges of 12 percent of eligible gold weight.
Is it better to buy gold in USA or India? ›
The end customer does not pay any custom duty when they purchase gold jewelry online from a business registered in USA. However, even after factoring in the customs duty, buying Indian gold jewelry in the USA can be at least 12.5% cheaper compared to purchasing in India due to the higher custom duty levied in India.
Which month is gold cheapest? ›
If you're eyeing the calendar, January, August, September, and December have historically been good months for buying gold.
Is Malabar Gold pure or not? ›
The best thing about Malabar Gold and Diamonds is that we never fail to bring n numbers of options to your table. On our website, you will find 24 kt (999 purity) gold coins in different weights.
In which country is gold the cheapest? ›
There are several countries in the world which are considered cheap in terms of gold prices. Currently, the number one and two popular choices among consumers are Hong Kong and Dubai. As per goldpriceindia.com, the price of one gram of 24k gold in Hong Kong, as of March 4, 2024, is INR 5,418.70.
Who is the owner of Malabar Gold? ›
Ahammed. M. P. Ahammed (born 1 November 1957) is an Indian businessman and the chair of the Malabar Group of Companies. He is also the founder of Malabar Gold and Diamonds, one of the world's largest retail jewellery groups.
How much gold can I carry to India? ›
Indian travelers can bring 1 kg gold, with duty if exceeding limit. Duty-free limits: Male- 20g, Female- 40g, Child- 40g (under 15 years). Customs duty rates: Gold bars- Rs. 300/10g + 3% cess, Gold coins/ornaments- Rs. 750/10g + 3% cess. Failure to declare excess gold incurs penalties as per Customs Act.
List of 5 Cheapest GOLD Price States in India 2024
- Kerala.
- Karnataka.
- Tamil Nadu.
- Andhra Pradesh.
- West Bengal.
The percentage of gold was less and the purity was reduced during the jewellery-making process due to impurities. Hence you will find old jewellery's marked as 20/22 carat. This paved the way for KDM gold as it allowed 92% of Gold to be used in alloys which ensured high-purity gold jewellery.
Is Malabar diamond real or fake? ›
Every diamond pass through 28 internal quality tests with IGI- GIA certification. All our Diamonds sold are conflict free. A very important ethical practice being followed from the very beginning.
What is the 11 month gold scheme in Malabar gold? ›
After paying for 11 months, you can buy the jewellery at the prevailing gold rate without having to pay the making charges of 12%. However, this benefit applies only to select ornaments. However, if the making charge for the selected jewellery is higher than 12%, you have to pay the remaining difference.
Is it safe to buy from Malabar gold? ›
Our gold is B.I.S. Hallmarked and Platinum is PGI (Platinum Guild International) certified that defines the authentication of the precious metals. We at malabargoldandidamonds.com indulge in only conflict- free diamonds through the Kimberley Process Certification Scheme (KPCS).
Which city has the cheapest gold in India? ›
Which City or State is the Cheapest for Buying Gold in India. At present, the price of gold is at the lowest in Kerala. Similarly, the prices are reasonable in Karnataka when compared to Delhi and Mumbai.
Which state in India is the cheapest to buy gold? ›
List of 5 Cheapest GOLD Price States in India 2024
- Kerala.
- Karnataka.
- Tamil Nadu.
- Andhra Pradesh.
- West Bengal.
Hong Kong could be the country with the cheapest gold price in the world. You can walk into a number of banks and purchase gold coins, often with a lower premium compared to other countries.
Why is gold cheaper in Chennai? ›
For instance, South India accounts for almost 40% of gold, whereas Kerala alone accounts for a third of that India imports. Cities like Chennai, Mumbai, Delhi, and Kolkata have a higher demand for gold. Therefore, gold sellers in big cities buy gold in bulk and can afford to sell at lower prices.
