In an era where many retailers worldwide are shrinking their store sizes, exiting non-performing markets and literally shutting 100s of stores, here is a retailer selling gold jewellery which is planning to not only add new stores in India but also worldwide. The 29-year old Malabar Gold based in Kerala has announced the opening of 22 new retail stores in the first month of 2022, a remarkable expansion strategy even as conservative Indians in the country and abroad continue their strong bonding with investments in gold jewellery, which is seen by the aspirational middle class as one of the safest investments of their hard earned money. Besides, the jewelry is used for multiple purposes in future such as pledging them and raising a debt for kid’s education & higher studies, to build a dream house or marriage of children – the three top spends for Indian families. Malabar Group was founded in 1993 by a team of enterprising entrepreneurs, led by the visionary genius of Mr. M P Ahammed when he explored beyond his immediate circle in the agri-corp industry to establish a jewellery trading company in a historical city called Kozhikode. Since then, keeping alive the golden spirit of the brand, the Group has remained constant, in its successful forays nurtured by expertise, vision and guidance, into a formidable business conglomerate. The HQ (headquarters) of Malabar Group located in Kozhikode shines bright as a beacon of success for an empire built on Trust, Teamwork, and Goodwill.
In 28 years of our illustrious journey, Malabar Gold and Diamonds has grown from strength to strength. We will continue to strengthen our retail presence in the regions where we have established a robust presence and also enter new markets with our differentiated services and products. With the launch of 22 showrooms in January, we are all set to make an impactful beginning to the New Year. 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,” said MP Ahammed, Chairman, Malabar Group.
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, 100 per cent value for gold when reselling old gold jewellery, zero deduction on exchange, 100 per cent BIS 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.
Malabar Gold and Diamonds has a robust retail presence in 10 countries. In addition, the group has 14 wholesale units and 9 jewellery making units in India and abroad. The company has an annual turnover of $ 4.51 billion. Malabar Gold and Diamonds earmarks 5% of the company’s profits for various CSR initiatives focusing on education, health, women’s empowerment, housing for the poor and environmental protection. The organization has also launched an initiative recently to rehabilitate and care for abandoned and orphaned mothers in Kerala, for which it has already conveyed its willingness to construct rehabilitation provided the Government allots a suitable location for the same.
The company plans to invest Rs. 800 crores for the purpose of this expansion and aims to take the total store count to 750 in the coming years and add 5,000 new employees to its global team. The company currently operates 260 stores in India and the Middle East. Out of the 22 new showrooms, 10 will come up in India and the rest will come up abroad. This is for the first time a jewellery retailer is opening this many number of stores in any given month. Abdul Samal 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.”