| Step | USD | MVR | Basis |
|---|---|---|---|
| FOB Korea (wholesale) | 4.00 | — | 50 per cent of the USD 8.00 list price — Q-depot bulk terms |
| Cost basis used | — | 81 | wholesale % of RRP — the more conservative of the two routes |
| Freight, weight-rated | 0.046 | — | 51 g × USD 0.90/kg |
| CIF at Malé | 4.05 | — | — |
| Import duty | 0.00 | — | 0% MFN — National Tariff 2026 |
| Revenue fee + clearing | 0.12 | — | 1% customs value + 2% CIF |
| Landed cost | 4.17 | 81 | Converted at the blended effective rate |
| Shelf price (GST-incl) | — | 115 | 0.91x international RRP |
| Net of GST | — | 106 | 8% general sector |
| Gross profit per unit | — | 26 | 24.2% margin · MVR 0.50 per gram |
Effective FX of MVR 19.37 per USD assumes 35% of dollar requirements met at the official MVR 15.42 and the balance at the parallel MVR 21.50. Converting at the peg alone would understate this landed cost by about a third.