MALABAR GOLD & DIAMONDS ACHIEVES RECORD ANNUAL TURNOVER EXCEEDING RS 50,000 CRORE INDIAN RUPEES
10th April 2024
Malabar Gold & Diamonds 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, with a target of opening 100 new stores within the next year. The brand also aims to hire an additional 7,000 employees, increasing the workforce to 28,000. With 21,000 employees representing 26 countries and speaking diverse languages, Malabar offers a dynamic and inclusive work culture.
Malabar Gold & Diamonds announces a milestone achievement with an annual retail global turnover of Rs 51,218 Crore Indian Rupees in the last financial year. This remarkable growth underscores Malabar Gold & Diamonds’ rapid ascent as a trusted jewellery brand worldwide.
In just three decades, Malabar Gold & Diamonds, headquartered in Kerala, has garnered unprecedented success in the global jewellery industry. The brand’s strategic retail expansion plan spans India and overseas markets, aiming to strengthen its position as a global leader. Currently, Malabar Gold & Diamonds 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, with a target of opening 100 new stores within the next year. The brand also aims to hire an additional 7,000 employees, increasing the workforce to 28,000. With 21,000 employees representing 26 countries and speaking diverse languages, Malabar offers a dynamic and inclusive work culture.
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 globally renowned consulting firms such as Ernst & Young, Deloitte, Accenture, and IBM.
The company operates 14 supply chain management units in 8 countries and 15 jewellery manufacturing units across 5 countries, complemented by design studios showcasing over 25 exclusive brand collections. 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, preparations are underway to establish new jewellery manufacturing factories in Jaipur, Surat, Hyderabad, Uttar Pradesh, Rajasthan, and Gujarat. With a customer base exceeding 15 million across 100 countries, Malabar Gold & Diamonds is a hallmark of excellence in the global jewellery sector, guided by the mission ‘Make in India, Market to the World’.
Apart from Malabar Group’s headquarters in Kozhikode, the International Headquarters is located in Dubai, and the National Hub is in Mumbai. These strategic locations drive the brand to achieve current and future business objectives, encompassing supply chain management, sourcing, e-commerce, digital marketing, CRM, omnichannel operations, corporate gifting, B2B divisions, human resources and legal, merchandising, and bullion. Leveraging these centres enables the brand to take a leadership role in reaching new heights through growth.
Malabar Gold & Diamonds maintains its reputation as a Responsible Jeweller by sourcing gold and diamonds exclusively from responsible mining operations and legitimate suppliers, ensuring purity in their jewellery. The brand also upholds ethical business practices, transparent fund management, and professionalism in global operations, meeting commitments with trading institutions, financial entities, and government regulators. Importing ‘Rand Pure Gold’ from responsible sources underscores the company’s dedication to ethical sourcing. Malabar Gold & Diamonds adheres strictly to the legal provisions and tax systems in each operating country, fulfilling tax obligations to contribute to national development. Additionally, the Malabar Group actively conducts public awareness campaigns against tax evasion and gold smuggling.
Commenting on the company’s success, MP Ahammed, Chairman of 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.”
Malabar Gold & Diamonds is committed to providing exceptional value and service to its customers through initiatives like the “One India One Gold Rate” scheme, ensuring consistent pricing for gold across the country. The company offers 10 promises to its customers, including transparent pricing with detailed information on net weight, stone weight, and stone charge. Customers also benefit from lifetime free maintenance on jewellery, 100 percent value for gold when exchanging old jewellery, and HUID hallmark certifying the purity of gold. Additionally, the brand provides IGI-GIA-certified diamonds with quality assurance through 28 lab tests. Also, a Buyback Guarantee and One Year Free Insurance Coverage on all jewellery, Responsible Sourcing of Gold from approved sources, and fair treatment with fair wages, benefits, and a good working environment for employees.
Malabar Group’s Commitment to Sustainability and Social Responsibility:
Malabar Group’s core objective is to preserve the environment and promote a green earth. All business projects of Malabar Group are based on ESG principles in a sustainable and eco-friendly manner. The company also organises various campaigns aimed at environmental protection.
The “Hunger Free World” project has garnered global attention by providing meals to over 30,000 individuals daily in India, Gulf countries and other countries through 37 food distribution centres. Immediate steps have been taken to deliver food to 51,000 people daily, with plans to reach at least one lakh people daily in the near future. Schools in Zambia, Africa’s largest gold mining region, also benefit from this initiative.
The “Grandma Home” project was started to provide shelter and facilities to poor and destitute women in society. The Group plans to establish Grandma Homes in Kerala, Chennai, Kolkata, Delhi, and Mumbai. This initiative empowers abandoned and needy women to live with dignity.
Malabar Charitable Trust supports girls’ education by awarding scholarships, benefiting 86,000 girls so far. This year, the group has committed to providing scholarships to 30,000 girls across the country. Malabar Group allocates five percent of its profits to CSR activities, focusing on health, education, environment, housing, and women empowerment. To date, 234 Crore Indian Rupees have been spent on such initiatives.
