Malabar Gold and Diamonds has a retail presence in 10 countries.
The group will invest a total of $107.5 million for new phase of expansion in January this year.
Malabar Gold & Diamonds announced on Tuesday its robust plans to open 22 new showrooms in GCC, Far East & India in January, pitching itself firmly on the path towards emerging as the largest retail jewellery chain in the world. This is for the first time a jewellery retailer is opening so many showrooms in a single month.
Out of the 22 new showrooms, 12 will be in GCC and the Far East and 10 in India where the brand already has a presence. The addition of these stores will also grow the brand’s retail footprints into Tier 2 and 3 towns of India where the brand is rapidly gaining acceptance.
The group will invest a total of $107.5 million for this new phase of expansion in January this year. With the aim of becoming the largest jewellery group in the world, Malabar Gold and Diamonds is targeting to open 750 stores and become the number one gold retailer in the world. This expansion program will create approximately 5000 job opportunities in the retail, manufacturing, technical and management areas related to jewellery trade, said Malabar Group chairman M P Ahammed.
“We are confident that our customers will enjoy the world-class jewellery shopping experience at all our new showrooms and also appreciate our values based on transparency, trust, quality and service. Our mission is to Make in India and Market to the world. Our commitment is to highlight further the brand value of Indian jewellery at the international level and create more job opportunities in the manufacturing sector domestically. This is our core policy,” added MP Ahammed. Malabar Gold and Diamonds has a robust retail presence in 10 countries. In addition, the group has 14 wholesale units and 14 jewellery making units in India and abroad. The company has an annual turnover of $4.51 billion.
Malabar Gold and Diamonds earmark 5 per cent of the company’s profits for various CSR initiatives focusing on education, health, women’s empowerment, housing for the poor and environmental protection.
Abdul Salam KP vice-chairman of Malabar Group, said: “We are excited about our future growth. On the one hand, the plan involves a large-format Artistry store in Bengaluru while on the other hand, we continue to focus on optimal store sizes internationally and in smaller cities across India. We are confident that this two-pronged strategy will yield positive results.”
“Our retail expansion is a part of our strategy to further strengthen our retail footprint in the territories where we have a strong presence as well as a foray into new markets with our differentiated services and product offerings. Having seen in our research that both rural and urban markets are rapidly emerging in terms of potential, we are all geared up to set new standards of customer comfort and convenience in these new markets,” said Asher O, managing director, India Operations of Malabar Gold and Diamonds.
“Malabar has played a vital role in making Indian jewellery more acceptable and trustworthy at the global level in recent years. The current expansion plans will further consolidate its pole position both domestically and internationally,” said Shamlal Ahamed, managing director, International Operations, Malabar Gold & Diamonds.
Well-known for its high standards of purity and quality, Malabar Gold and Diamonds offers a wide range of jewellery in gold, diamond and precious gemstones to cater to both traditional and contemporary sensibilities. The brand also offers a variety of specially curated jewellery which represents the diverse traditions and cultural heritage of Indian design. The popular jewellery sub-brands from Malabar Gold and Diamonds such as Mine in unique designs, Ethnix handcrafted jewellery, Precia Gemstone jewellery, Divine jewellery with a classic touch, Era uncut jewellery, Viraaz polki jewellery, Starlet collection for children etc offer a great variety of options to its customers.
Malabar Gold and Diamonds upholds its status as a responsible jewellery retail brand by maintaining optimum transparency at various stages of operations from sourcing gold to offering jewellery to its consumers. The group sells responsibly sourced gold from authorized sources. Malabar Gold and Diamonds, one of the top five jewellers in the world dominate the different markets with transparency and credibility.
The brand reinforces its commitment to ensuring the best value for money for customers with the Fair Price Promise, which focuses on assigning reasonable making charges to a vast array of jewellery. Taking transparency to the next level, the assurance of 10 promises by Malabar Gold and Diamonds include a transparent price tag indicating stone weight, net weight and stone charge of the jewellery, assured lifetime maintenance for the jewellery, best value for gold when reselling old gold jewellery, zero deduction on an exchange, 100 per cent hallmarking certifying the purity of gold, IGI and GIA certified diamonds ensuring 28-point quality check of global standards, buyback guarantee, responsible sourcing and fair labour practices.