Union Minister of Commerce and Industries Piyush Goyal stated that reducing the duty on gold from 15% to 6% has increased domestic demand for the metal. He͏͏ also͏͏ encouraged͏͏ Indian-origin͏͏ global͏͏ brands͏͏ to͏͏ showcase͏͏ India’s͏͏ tourism͏͏ potential͏͏ through͏͏ their͏͏ overseas͏͏ showrooms,͏͏ which͏͏ could͏͏ significantly͏͏ benefit͏͏ the͏͏ domestic͏͏ tourism͏͏ industry.
Record͏͏ Gold Imports͏͏ in͏͏ August:
In͏͏ August,͏͏ India’s͏͏ gold͏͏ imports͏͏ reached͏͏ a͏͏ record͏͏ high͏͏ of͏͏ US$͏͏ 10.1͏͏ billion,͏͏ more͏͏ than͏͏ triple͏͏ the͏͏ amount͏͏ from͏͏ the͏͏ previous͏͏ month͏͏ and͏͏ double͏͏ that͏͏ of͏͏ the͏͏ previous͏͏ year.͏͏ The͏͏ import͏͏ volume͏͏ was͏͏ approximately͏͏ 140͏͏ tonnes.͏͏ Despite͏͏ rising͏͏ gold͏͏ prices,͏͏ demand͏͏ for͏͏ the͏͏ yellow͏͏ metal͏͏ remains͏͏ robust.
Continue͏͏ Exploring:͏͏ Gold jewellery͏͏ demand͏͏ set͏͏ to͏͏ rise͏͏ with͏͏ 18%͏͏ volume͏͏ growth͏͏ anticipated,͏͏ says͏͏ Nuvama͏͏ Report
The͏͏ minister͏͏ made͏͏ this͏͏ statement͏͏ during͏͏ an͏͏ event͏͏ in͏͏ Mumbai͏͏ to͏͏ launch͏͏ Malabar͏͏ Group’s͏͏ National͏͏ Scholarship͏͏ Programme͏͏ for͏͏ girl͏͏ children,͏͏ for͏͏ which͏͏ the͏͏ company͏͏ has͏͏ allocated͏͏ INR͏͏ 16͏͏ crore͏͏ from͏͏ its͏͏ CSR͏͏ fund͏͏ for͏͏ the͏͏ current͏͏ fiscal͏͏ year.͏͏ According͏͏ to͏͏ a͏͏ media͏͏ release͏͏ from͏͏ the͏͏ company,͏͏ nearly͏͏ 21,000͏͏ girls͏͏ will͏͏ benefit͏͏ from͏͏ this͏͏ initiative.
Commenting͏͏ on͏͏ the͏͏ initiative,͏͏ MP͏͏ Ahammed,͏͏ Chairman͏͏ of͏͏ Malabar͏͏ Group,͏͏ stated,͏͏ “Education͏͏ is͏͏ the͏͏ most͏͏ powerful͏͏ tool͏͏ for͏͏ changing͏͏ the͏͏ world.͏͏ Our͏͏ scholarship͏͏ programme͏͏ reflects͏͏ Malabar͏͏ Group’s͏͏ belief͏͏ that͏͏ education͏͏ opens͏͏ doors͏͏ and͏͏ transforms͏͏ lives.͏͏ We͏͏ aim͏͏ to͏͏ eliminate͏͏ barriers͏͏ for͏͏ young͏͏ girls,͏͏ enabling͏͏ them͏͏ to͏͏ achieve͏͏ their͏͏ educational͏͏ goals͏͏ and͏͏ make͏͏ meaningful͏͏ contributions͏͏ to͏͏ society.”
Since͏͏ its͏͏ inception,͏͏ Malabar͏͏ Group͏͏ has͏͏ exemplified͏͏ inclusive͏͏ growth͏͏ through͏͏ its͏͏ social͏͏ welfare͏͏ initiatives.͏͏ In͏͏ 1999,͏͏ the͏͏ Malabar͏͏ Charitable͏͏ Trust͏͏ (MCT)͏͏ was͏͏ established͏͏ to͏͏ organise͏͏ and͏͏ enhance͏͏ these͏͏ efforts.͏͏ The͏͏ group͏͏ dedicates͏͏ 5%͏͏ of͏͏ its͏͏ profits͏͏ to͏͏ CSR͏͏ initiatives,͏͏ covering͏͏ education,͏͏ healthcare,͏͏ environmental͏͏ sustainability,͏͏ and͏͏ poverty͏͏ alleviation,͏͏ with͏͏ a͏͏ strong͏͏ emphasis͏͏ on͏͏ empowering͏͏ marginalized͏͏ communities.
Expansion͏͏ Plans͏͏ for͏͏ Malabar͏͏ Gold &͏͏ Diamonds:
Malabar͏͏ Gold͏͏ &͏͏ Diamonds͏͏ plans͏͏ to͏͏ open͏͏ 20͏͏ new͏͏ showrooms͏͏ in͏͏ October͏͏ as͏͏ part͏͏ of͏͏ its͏͏ ambitious͏͏ global͏͏ expansion͏͏ strategy.͏͏ These͏͏ new͏͏ locations͏͏ will͏͏ strengthen͏͏ the͏͏ brand’s͏͏ presence͏͏ in͏͏ key͏͏ markets,͏͏ including͏͏ India,͏͏ the͏͏ GCC͏͏ countries,͏͏ and͏͏ the͏͏ USA,͏͏ raising͏͏ the͏͏ total͏͏ number͏͏ of͏͏ showrooms͏͏ worldwide͏͏ to͏͏ 375.͏͏ Currently,͏͏ Malabar͏͏ Gold͏͏ &͏͏ Diamonds͏͏ operates͏͏ 355͏͏ showrooms͏͏ across͏͏ 13͏͏ countries.
