Malabar Gold & Diamonds announced that it has achieved an annual global turnover of Rs 1,218 crore in the last financial year. The company also said that its retail expansion plan spans India and overseas markets with plans to open 100 new stores within the next one year. The brand currently operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe. The company will strengthen its presence in existing markets such as the US, Canada, UK, and Australia.
Malabar Gold & Diamonds is also planning to hire an additional 7,000 employees increasing the workforce to 28,000. It currently employs 21,000 people representing 26 countries.
In addition to opening more stores in its current states of operation in India, Malabar Gold & Diamonds plans to expand its presence into states such as Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir. Beyond India, the company currently has stores in the UAE, Qatar, Kuwait, Oman, Saudi Arabia, Bahrain, Singapore, Malaysia, USA, Canada, UK, and Australia. Malabar Gold & Diamonds also has its own state-of-the-art design studio, training centre, and research and development department. The company leverages the services of consulting firms such as EY, Deloitte, Accenture, and IBM.
The company operates 14 supply chain management units in 8 countries and 15 jewellery manufacturing units across 5 countries. In India, manufacturing units are located in Kerala, Tamil Nadu, Karnataka, Telangana, Maharashtra, and West Bengal, while internationally, units are in the UAE, Saudi Arabia, Qatar, Oman, and Bangladesh. Additionally, it is working towards establishing new jewellery manufacturing factories in Jaipur, Surat, Hyderabad, Uttar Pradesh, Rajasthan, and Gujarat.
MP Ahammed, Chairman, Malabar Group, said, “Maintaining our position as a Responsible Jeweller is our utmost responsibility. Given our extensive global presence, we maintain our dedication to responsibly sourcing gold, ensuring it is mined without infringing upon the rights of individuals, particularly children, animals, and their habitats, assuring ethical practices, and transparent fund management. This commitment has earned us the trust and loyalty of our customers. We remain dedicated to sourcing responsibly mined materials and contributing positively to the communities we serve.”