DUBAI: Malabar Gold and Diamonds, the Indian jewellery chain with high stake in Dubai’s gold and jewellery market, is expecting annual turnover to reach $3.5 billion (Dhs12.8 billion, Rs220 billion) this year, the company’s 20th anniversary year.
This unprecedented growth of the company, with the 100th outlet opening in India on Saturday, reinforces its position among the top jewellery retailers in the world.
The company, which has a strong presence all over the Gulf states and India, also announced the opening of its 100th retail outlet, a rare feat, that elevates it’s position among the world’s top three gold and diamond jewellery retailers. The 100th outlet will be inaugurated by cricket legend Padma Bhushan Kapil Dev at Gurgaon, India.
The opening of the company’s 100th store is part of its three-year expansion and re-branding vision announced in March 2012, that will eventually raise the company’s retail network to 220 outlets, with an investment outlay of more than Rs35 billion and create 16,000 jobs and triple its annual turnover to $6 billion (about Rs390 billion) and make it the world’s largest jeweller in terms of annual turnover by 2015.
“Malabar Gold & Diamonds is in its endeavour to become the world’s leading retailer in value appreciating gift articles, is undergoing a transformation in its brand to better suit its future business vision. We are embodying a change to help us scale greater heights and to better serve our discerning customers,” MP Ahammed, Chairman of Malabar Group, said.
The company, owned by 1,600 shareholders, mostly Indians, has recently appointed Bollywood heart throb Kareena Kapoor as its new brand ambassador to help reflect the company’s image.
Malabar Gold and Diamonds, whose annual turnover exceeded $2.4 billion (Dh8.8 billion) in 2011, 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).
“With our ambitious expansion plan, we are fast changing the global ranking of the world’s top jewellery retailers -in which we are constantly outranking global rivals -to rise to the top position in the near future,” Shamlal Ahamed, Managing Director -International Operations of Malabar Gold and Diamonds, said in Dubai.
The company, which excels in quality products and services, has more than 7,000 professionals on its payroll.
On this joyous occasion, the company has also announced strong corporate social responsibility (CSR) initiatives that will see a higher portion of the company’s profits are distributed amongst the most needy people.