Malabar Gold & Diamonds (MGD), the sixth largest jewellery retailer globally with over 355 showrooms across 13 countries, has unveiled the next phase of their global expansion plan, with the opening of 20 new showrooms during October.
The new showrooms are being planned across various locations in India, the GCC countries and the US, a statement said on Monday.
The expansion plan in India involves the launch of three showrooms in Uttar Pradesh, two each in Delhi, Maharashtra, Karnataka, Rajasthan and one each in Odisha, Telangana, West Bengal and Punjab.
In the GCC region, a new showroom each will be opened Muweilah in Sharjah, Muaither in Qatar, and Nakheel Mall in Saudi Arabia. The brand’s growing presence in North America will also be bolstered with the launch of two new showrooms, in Artesia, Los Angeles and Atlanta, Georgia.
Commenting on the occasion, Malabar Group chairman, M P Ahammed said: “While the opening of these 20 showrooms aligns with our long-term vision of becoming the world’s No.1 jewellery retailer, the aggressive expansion we have charted is about growing sustainably and responsibly, ensuring that our expansion benefits not just our business, but also the society at large.
"Through our unwavering commitment to the causes of ethical business practices, responsible sourcing and sustainability, we are proud to call ourselves a Responsible Jeweller, having been awarded the prestigious India Gold Conference (IGC) Responsible Jewellery House Award for 2023-24.
"Our brand has always stood for trust, transparency, and quality, and these new showrooms will embody these values. With 5% of our profits set aside towards Environmental, Social & Governance (ESG) initiatives in every region we operate in, we are also committed to bringing about a positive change in the community”.
Every new showroom will showcase a wide range of jewellery collections, from traditional to contemporary designs. With a focus on customer comfort and satisfaction, the showrooms will host a wide range of amenities from customised jewellery designing facility to a luxurious lounge area.
"Our decision to open 20 new showrooms in such a short span reflects our robust growth strategy and confidence in the markets we serve. With a focus on both geographical diversification and strengthening our presence in existing markets, we are ahead of the curve in terms of market penetration. We are committed to offering not just jewellery, but an experience that delights and inspires our customers, ensuring they find pieces that resonate with their personal style and cultural heritage,” commented Shamlal Ahamed, managing director - international operations, MGD.
Asher O, managing director of India operations, said: "With import duty on gold being slashed by the government, we firmly believe that India will witness a meteoric rise in demand for gold jewellery and with the charted expansion, we are well poised to cater to this need.”
Abdul Salam K P, vice chairman of Malabar Group, revealed: “In addition to strengthening our presence in existing markets, we are also gearing up to expand into countries such as South Africa, Egypt, Turkiye, Bangladesh, France and New Zealand. We are also working towards broadening the scope of our product line through Arab Value Chain focused on 21K jewellery and Western Value Chain focused on 18K jewellery."
ESG has been the primary commitment of Malabar Group since its inception in 1993, with 5% of net profits set aside towards such initiatives in each country of operations. The key focus is in the areas of hunger-free world, health, housing, education, women empowerment, and environment. The ESG goals are periodically strengthened to remain a socially conscious and responsible organisation, the statement added.
