Encouraging news from gold jewellery retail: Malabar Gold & Diamonds to invest INR 240 crores; continues to expand its retail network across India and globally
- The Gems and Jewellery sector pioneer to open nine new retail outlets
- Adds 23,000 sqft of retail space for customers this festive season
Mumbai, New Delhi and Kozhikode – India; Dubai 30th October 2020:
Malabar Gold & Diamonds, one of the world’s largest jewellery retailer, announced that it will launch nine stores across India and globally as a part of their ambitious global growth plan announced in 2018 that will see the company triple its retail network from 250 showrooms to 750 outlets. The Group currently operates retail outlets spread across ten countries in India, Middle East, Southeast Asia and America. Its expansion plan will see the company expand its footprint across all Tier 1 and Tier II cities in North and Central India – in order to cater to the growing jewellery market. Internationally, the expansion will further strengthen its position in markets like Singapore, Malaysia, Oman and UAE.
In the run up to the festive season, Malabar Gold & Diamonds has scheduled the opening of five stores across India in Lucknow, Dwarka (West Delhi), Ghaziabad, Thane and Kamanahalli (Bengaluru). While the Lucknow and Dwarka stores are located in malls, the other three are in high street locations. In addition, the brand is also scheduled to open 1 store each in UAE, Singapore, Malaysia and Oman.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to challenging global economic environment. Despite the challenging market conditions resulted by lower demand, higher price of gold and the pandemic in India / globally, Malabar Gold & Diamonds has decided to push ahead with expansion, which demonstrates it confidence in the growth of these markets in future.
“The opening of these nine showrooms with a world-class shopping experience in the post-Covid scenario demonstrates the faith reposed by the customers in the brand. It is only due to their encouragement and patronage that the brand continues to march forward and add to its retail footprints in various corners of the country and the world. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years”, said Malabar Group Chairman MP Ahammed.
For the upcoming festive season that typically sees an upsurge in gold purchase by consumers, the brand has launched an extensive Diwali-specific festive collection with the best prices and assured gifts, which is available across all international stores of Malabar Gold & Diamonds.
Commenting on the same, Mr. Shamlal Ahamed, Managing Director – International Operations, Malabar Group said, “We are buoyed by the customer response since the lockdown has lifted and retail activities have resumed, albeit with necessary health and hygiene precautions in place. We are positive about the market sentiment and our investment plan reflects our commitment to our customers. The opening of these new locations is a matter of pride for us. Combined with the special festive designs, best prices and assured gifts, this will help us provide great value to customers in the coming festive season. I am confident that our customers will continue to respond positively to our offerings of wide retail presence, quality products, unmatched design and transparent pricing”
The brand has also sharpened its customer centric outreach with the inclusion of responsibly sourced gold in the set of commitments to customers, called Malabar Promises. Malabar Gold & Diamonds, have for many years served as the trusted jewellery retailer for millions of satisfied customers and to this day the commitment of maintaining complete transparency when it comes to the quality, sourcing, and ethical value of their products continue undeterred.
Malabar Promises are the assurances given to the customer by the brand; providing complete peace of mind when it comes to jewellery shopping. These include benefits such as Complete transparency, Assured lifetime maintenance, Zero deduction gold exchange, 916 hallmarked gold, Tested & certified diamonds, Guaranteed buyback, and responsibly sourced gold.
Malabar Group believes that the most successful companies are those which integrate responsibility and sustainability into their core business. The group is always proactive when it comes to CSR activities right from the inception. The key focus areas of the CSR initiatives of Malabar Group are in the areas of Health, Education, Women Empowerment, Housing and Environment. The organization has kept aside 5% of its profit for the CSR activities in all the regions that they operate. The group, which currently has showrooms across GCC, India, Malaysia, Singapore & USA undertakes several welfare activities with the association of like-minded organizations in the respective regions.
About Malabar Gold & Diamonds:
Malabar Gold & Diamonds is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.
Established in 1993 in the Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of 250 outlets spread across 10 countries, 14 wholesale units in addition to offices, design centers and factories spread across India, Middle East, Far East & USA. With an annual turnover of $4.51 billion, the company currently ranks one among the largest jewellery retailers globally.
With 14 cluster manufacturing units in India and GCC – the company currently has 12 jewellery brands to cater to the discerning needs of customers. With headquarters in Kerala and branches across India, Middle East & Far East, Malabar Group is best known for its activities in the field of gold, diamonds, silver and lifestyle articles.
The group also operates MGD – Lifestyle Jewellery, a retail concept offering trendy and light weight jewellery that represents the independent and the modern woman through its designs and collections.
The group, owned by over 2,700 shareholders excels in quality products and services, has more than 13,000 professionals working for its continued success.
Malabar Gold & Diamonds also features an online store http://www.malabargoldanddiamonds.com as well as offers contactless shopping facilities like video calling facilities that provide customers the opportunity to purchase their favourite jewellery any time and on any day from the comfort of their home.