MALABAR GOLD & DIAMONDS LAYS THE FOUNDATION OF ITS LARGEST JEWELLERY MANUFACTURING UNIT WITH AN INVESTMENT OF RS. 750 CRORES
15th October 2022
Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, launched the construction of Malabar Gems & Jewellery Manufacturing unit in Telangana with a foundation stone laying ceremony. The facility is set to become the largest jewellery manufacturing unit of the group.
Shri K T Rama Rao, Hon’ble Minister of Municipal Administration and Urban Development, Industries, IT, Electronics and Communication, Govt. of Telangana laid the foundation stone of the manufacturing facility on October 15, 2022.
The ceremony took place in the august presence of Shri Jayesh Ranjan, IAS, Principal Secretary, Industries, Commerce & Information Technology (IT), Govt of Telangana and Shri. Ahammed M P, Chairman, Malabar Group of Companies, Shri. Abdul Salam KP, Vice Chairman, Malabar Group of Companies, Shri. O Asher, Managing Director, India Operations, Malabar Gold and Diamonds, Shri. Nishad AK, Group Executive Director, Manufacturing & B2B, Malabar Group of Companies, PK Siraj, Retail Operations Head (Rest of India), Malabar Gold & Diamonds and other distinguished guests.
Located at General Park, Maheshwaram in Rangareddy District and spread over 3.7 acre, the manufacturing facility is slated to be operational soon. It will have the capacity to manufacture 10 tonnes gold jewellery and 1.5 lakh carats of diamond jewellery annually. It will also house a state-of-the-art gold refinery facility with an annual gold refining capacity of 180 tonnes. The manufacturing facility will roll out a diverse range of jewellery including gold, diamonds, precious gemstones, platinum and uncut diamonds. The facility is equipped with CNC machining, latest technology-enabled chain making machines and laser cut machines in collaboration with industry experts from Italy, USA & Germany. The establishment of the facility is in line with the expansion plan announced earlier as part of its FY 2022-23 strategy
The General Park manufacturing facility which will be built on 2.3 lakh sq ft area will have a full-fledged skill development centre, design studio and R&D centre along with accommodation facility for the employees. It will also have an automated warehousing facility. The facility will have 33 percent green space provision and will adhere to environmentally sustainable norms with a focus on limiting carbon footprint.
Malabar Gold & Diamonds will invest Rs.750 crore to set up the manufacturing facility and a refinery in Telangana. The facility is expected to generate about 2750 jobs. Malabar Gold has 17 retail showrooms in Telangana employing more than 1000 people. The company has plans to further expand its retail presence in Telangana.
The General Park facility will majorly support the domestic and global expansion plan of the group. Malabar Gold & Diamonds has plans to launch 97 showrooms – 60 across India and 37 overseas in FY23. The goal is to take the showroom tally to 373 by March 2023 with a robust presence in 13 countries. The expansion plan is in line with Malabar Gold & Diamonds’ aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs. 75,000 crores by FY25.
Commenting on the foundation stone laying ceremony, Malabar Group Chairman Ahammed MP said, “The soon-to-be operational manufacturing unit in Telangana will further strengthen our manufacturing capabilities apart from our retail expansion drive. We are grateful to the Government of Telangana for extending all possible support in quick succession to help us set up the manufacturing unit in Maheshwaram. We are also thankful for their august presence during the foundation stone laying ceremony. We have a major investment plan lined up for the state. The manufacturing unit in the state will further bolster our mission – “Make in India, Market to the World”.”
Malabar Gold & Diamonds presently has more than 280 showrooms spanning 10 countries – India, the GCC (the UAE, Kuwait, Bahrain, Oman, Qatar and Saudi Arabia), Malaysia, Singapore and the US. Despite being a privately held company, Malabar Gold & Diamonds has a large investor base of over 4,000 and of them, over 400 are its own employees. Malabar Gold & Diamonds has 5 manufacturing units in Qatar, Dubai, Sharjah and Bahrain and 9 in India and the locations of those units are Mumbai, Kolkata, Hyderabad, Bengaluru, Coimbatore, Kozhikode and Thrissur.
Malabar Group has also recently forayed into responsibly sourced gold bullion trade and its gold bars are available for jewellery manufacturers, small gold traders and retail investors desiring to invest in physical gold for purchase. It has launched ‘One India One Gold Rate’ to offer gold jewellery at a uniform price across the country.
Apart from being a successful business entity, Malabar group has always been in the forefront of social responsibility initiatives from its inception and has a stated policy of earmarking 5% of its annual profit for activities that benefit society. Today, the focus areas of these ESG activities are in the fields of health, education, housing, environmental conservation and women empowerment.
