Malabar Gold & Diamonds opens outlets in 6 countries on the same day
Malabar Gold & Diamonds has announced the opening of 11 new showrooms simultaneously across six countries on Jan. 12 including eight in the Gulf region, taking the total number of outlets to 208 spread across nine countries.
This is the first time that an Indian jewelry retailer has opened showrooms in six countries the same day.
The new showrooms would be located in Al-Khail Mall, Al-Hazana Lulu, Al-Buhaira Lulu, Sahara Centre, Ajman City Centre in the UAE, Mall of Qatar, Lagoona Mall in Qatar, Muscat City Centre in Oman, AMK Hub in Singapore, Ampang Mall in Malaysia, and Warrangal in Telangana, India.
“The opening of 11 showrooms on the same day across six countries reflects our strong conviction and confidence in the overall growth of the gold and diamond sector, despite challenging circumstances in certain markets. We are getting wide acceptance in the global market. This is also one of the reasons we are expanding our global presence. Our core business values such as adherence to transparency, honesty, quality along with our value-added services, product designs suited to every class of customers’ taste cutting across age group are the key factors that give us global acceptance,” MP Ahammed, chairman of Malabar Group, said at a press conference in Dubai.
Currently, Malabar Gold & Diamonds has 197 showrooms of which 90 are in India and the remaining 107 showrooms are located in other countries. The rapid expansion of showrooms across geographies is part of the group’s strategy to fast expand its global footprint. In 2017, Malabar Group opened 27 showrooms in different countries.
“Despite the bull-run of crypto-currency, introduction of general sales tax (GST) in India and value-added tax (VAT) in the UAE and Saudi Arabia, we believe that the gold and diamond trade will sustain growth in the long run and will remain as the best commodity for investment and as a saving instrument in addition to being used as jewelry. As consumers adjust to the new tax regimes in different countries, we believe the market will record stronger growth as people adjust their budgets for ornaments,” said Abdul Salam KP, group executive director of Malabar Group.
“In 2018, we will be opening more showrooms as well as manufacturing units. This will fuel our vision to become the top jewelry retailer in the world.”
Shamlal Ahammed, managing director of Malabar Gold & Diamonds’ international operations, said: “In 2018, we will be expanding into new horizons, marking our presence in countries such as the US, Sri Lanka, Brunei, and Bangladesh. As part of its global expansion plans, Malabar Gold & Diamonds will be opening another 50 showrooms in different formats in various countries this year.”
It has decided to organize a grand ceremony at Lulu Al- Hazana in Sharjah to celebrate the milestone of reaching 200 showrooms globally.
The upcoming showrooms of the group are at Abbasiya (Kuwait), Mannarkad, Mall of Travancore (Kerala), Forum Mall — Bangalore (Karnataka), Himayat Nagar — Hyderabad, Kondapur — Hyderabad, Karim Nagar (Telangana), Noida (UP), South Extension (Delhi), Vashi — Mumbai, Thane — Mumbai, Kolhapur (Maharashtra), Rajkot, Surat (Gujarat) and Ludhiana (Punjab).
In India, the company currently operates manufacturing units in Kerala, Tamil Nadu, Karnataka, Telangana, Maharashtra, West Bengal and in Saudi Arabia, Qatar and the UAE.
Asher O, managing director of India Operations of Malabar Gold & Diamonds, said: “The group is planning to set up more showrooms as well as manufacturing units in the country, eventually generating more employment opportunities and enhancing initiatives like ‘Make in India’ being implemented by the Indian government.”