The largest jewellery retailer opens second store in Singapore in April; plans 10 new outlets in Malaysia and Indonesia to strengthen its international presence
Dubai, March 27, 2014
o Malabar Gold and Diamonds plans to open up to 11 new retail outlets in Singapore, Malaysia and Indonesia in the next financial year
o Company opens second store in Singapore on April 18
o By the end of the next financial year, Malabar Gold and Diamonds will have a sizeable chunk in the Far Eastern market
Malabar Gold and Diamonds, one of the largest gold and diamond jewellery retailer in the world, has launched a major expansion programme in Far East that will add 11 new retail stores across Singapore, Malaysia and Indonesia.
The company currently operates a single-store retail operation in Singapore that also looks after its gold and diamond trading business in the Far East.
However, the gold and diamond jewellery landscape in the Far East will change when the largest jewellery retailer in India and Middle East multiplies its operation in these three Far Eastern Markets within the next 12 months.
With an average investment of Dh20 million per outlet – including investment in setting up of an outlet and the running cost with gold and diamond stocks – this translates to Dh220 million investment on a dozen outlets.
“This is our biggest expansion deeper into the Far Eastern market that is part of our overall business development game plan that will see Malabar Gold and Diamonds double its current network of retail outlets to 224 by the end of 2015,” M.P. Ahamed, Chairman of Malabar Gold and Diamonds said.
“The Far East is a very dynamic market where jewellery consumption is growing as more and more working women prefer fashion jewellery. Our expansion – the largest ever by a Middle East and India-based gold and diamond retailer into the Far East – will help us to offer a better alternative to the consumers of Malaysia, Indonesia and Singapore.”
According to the latest statistics released by the World Gold Council, demand for gold bar and coin jumped 36 per cent in Indonesia, 38 per cent in China and 75 per cent in Thailand.
“Across the world there were large increases in consumer appetite for gold in both emerging and developed markets. Demand in Turkey was up 60 per cent, Thailand up 73 per cent and the US up 18 per cent, World Gold Council said.
Shamlal Ahamed, Managing Director of Malabar Gold & Diamonds, International Operations, said, “The statistics show that our expansion in the Far East is timed well as the market witnesses a strong upturn in recent months.
“With the retail expansion, we will have the fast mover advantage in this growing market. Our operations in the Far East will also help meet the growing demand in China – competing with India to become the largest jewellery market in the world.”
Malabar Gold and Diamonds, which is on a massive expansion spree, has opened three outlets in the UAE and Qatar recently while it will add 5 new showrooms in GCC and 1 in Singapore in April 2014.
Established in 1993, Malabar Gold and Diamonds have the wealth of experience in serving the discerning customers for over two decades. It is the consistent efforts by their management to deliver more than what they promise that led to their success. Commitment to customer satisfaction, unique designs and value for money are some of the factors that set them aside from their competitors.
Apart from the rapid expansion of Malabar Gold and Diamonds in the Middle East market, they are also expanding the international presence of their two different concepts of stores, one targeting to the Middle Eastern clientele – ‘Jawhara’ and the other targeting the young and trendy – ‘Pink Chic’.
The company, owned by 1,600 shareholders, was ranked as the third largest jewellery retailer last year after Hong Kong-based CTF with a turnover of $6 billion (Dh22 billion) and Tiffany and Company, which has an annual turnover of $3 billion (Dh11 billion).
The company, which excels in quality products and services, has more than 7,500 professionals on its payroll.