MVR 14.20 per gram, comfortably above the 2.65 target. This is the kind of product the range should be built around.
| Step | USD | MVR | Basis |
|---|---|---|---|
| FOB Korea (wholesale) | 4.73 | — | 50 per cent of the USD 9.46 list price — Q-depot bulk terms |
| Cost basis used | — | 99 | wholesale % of RRP — the more conservative of the two routes |
| Freight, weight-rated | 0.023 | — | 25 g × USD 0.90/kg |
| CIF at Malé | 4.75 | — | — |
| Import duty | 0.24 | — | 5% MFN — National Tariff 2026 |
| Revenue fee + clearing | 0.14 | — | 1% customs value + 2% CIF |
| Landed cost | 5.13 | 99 | Converted at the blended effective rate |
| Shelf price (GST-incl) | — | 355 | observed Maldivian shelf price |
| Net of GST | — | 329 | 8% general sector |
| Gross profit per unit | — | 229 | 69.8% margin · MVR 9.17 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.