Gold consumers across the country have been making merry for the past several days as Malabar Gold & 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% onwards, Malabar Gold & 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.
Ahammed MP, Chairman, Malabar Gold and Diamonds
“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.
About Malabar Gold & Diamonds
Malabar Gold & 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 & 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 & USA. With an annual turnover of USD 4.51 billion, the company currently ranks one among the largest jewellery retailers globally.