Malabar Gold & Diamonds, a leading gold and diamonds jewellery retail chain in India, launched 'One India One Gold Rate', an initiative offering uniform gold rate across all states in the country for 100 per cent BIS hallmarked gold.
While 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 predominantly sourced from the same designated banks.
The One India One Gold Rate initiative by Malabar Gold & Diamonds will ensure that its customers across the country purchase gold at a fair price.
"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," Malabar Group Chairman Ahammed MP said in a statement.
According to Ahammed, the 'One India One Gold Rate' initiative "aims to protect the consumer interest by providing them with a uniform gold rate without compromising on purity".
As customers gear up for Dhanteras and Diwali, Malabar's initiative on uniform gold pricing would be implemented across its showrooms in the country.
Existing privileges such as zero per cent deduction on exchange and best value on buyback will continue like before, the statement added.