First outlet in Far East opened in Singapore
World's third largest jeweler makes bold foray in the Far East – to become a global business conglomerate
- Opened its 102nd store worldwide and 1st in Far East in Singapore; Company to open outlets in Malaysia and Hong Kong in the next six months
- Malabar Gold and Diamonds announces 39 new retail outlets
- The world's third largest jewellery retailer to invest Dh1.2 billion in expansion
Dubai : Malabar Gold and Diamonds, the world's third largest gold and diamond jewellery retailer, has opened its 102nd store worldwide and 1st in Far East in Singapore today. The store was inaugurated by their brand ambassador and prominent Indian actor Suriya. Commemorating the inauguration Malabar Gold & Diamonds announced a Dh1.2 billion expansion that will see the company add 39 outlets in six months to its existing retail network of 102 outlets. The inauguration of the store in Singapore leads way for the massive expansion planned by the brand in the Far East to expand its business dominion and become a global business conglomerate.
The 20-year-old company expects its annual turnover to hit $3.5 billion (Dh12.8 billion; Rs220 billion) this year – reinforcing its leadership position in global gold and diamond jewellery business.
This is part of the company's three-year massive growth and development vision launched in March 2012 that is expected to elevate the company's overall position from third to the top by 2015.
With cluster manufacturing units – three in India and GCC – the company currently has 6 jewellery brands to cater to the discerning needs of customers. With headquarters in Kerala, India and branches across India and GCC, Malabar Group is best known for its activities in the field of gold, diamond and precious metals.
“Our new phase of expansion will see Malabar Gold and Diamonds enters new markets, new territories, such as Singapore, Malaysia, Thailand and Hong Kong – which will not only boost our revenues but also help us become a global conglomerate,” MP Ahammed, Chairman of Malabar Gold and Diamonds, said.
“As we move to the next level of growth and development, we are also introducing new concepts in retailing, such as launching Pink Chic – that widens the appeal of our products, while at the same time bring qualitative changes in our way of doing business.”
The company is expecting a huge growth in GCC due to the current government policy towards gold industry, which is resulting in a substantial increase in business – hence new outlets are planned to capture this opportunity.
The rapid expansion explains how the company has outgrown most of the gold and diamond jewellery retailers in the world.
“Growth is in our DNA and we are hungry to expand to every nook and corner of the world where there is a reasonable demand for jewellery,” Shamlal Ahamed, Managing Director of Malabar Gold and Diamonds, “As we embark on a fast-track journey, we are excited about the way our company moves ahead. We are committed to bring the best of gold and diamond jewellery to the deserving customers all over the world.”