Malabar Gold & Diamonds, one of the largest jewellery groups in the world has announced a series of new business ventures in a star studded press meet. Established in 1993 in the Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of 270 outlets spread across 10 countries, 14 wholesale units in addition to offices, design centers and factories spread across India, Middle East, Far East & USA. The jewellery group on Tuesday said it will open 22 new showrooms in India and abroad in January with an estimated ₹800 crore investment. In all, it plans to open 750 stores in several countries over the next few years.
“Our retail expansion is a part of our strategy to further strengthen our retail footprint in territories where we have strong presence as well as foray into new markets with our differentiated services and product offerings. Having sensed the momentum in the recent festive sales, we are all geared up to set new standards of customer comfort and convenience in the new markets," said O Asher, managing director for India operations at the retail chain said. The expansion will create approximately 5,000 job opportunities in the retail, manufacturing, technical and management areas related to jewellery trade, MP Ahammed, group chairman, Malabar Group said. The massive expansion drive in January will begin with the launch of the Artistry concept store in Bengaluru followed by stores in several states including Maharashtra, Telangana, Tamil Nadu, Uttar Pradesh, Karnataka, Chhattisgarh, Haryana as well as Delhi. The jewellery chain will also open stores in overseas markets such as Malaysia, Qatar, Abu Dhabi , Sharjah, Dubai and Oman.