Malabar Gold & Diamonds to invest $1 billion and generate 4,000 jobs in Maharashtra
MP Ahammed, Chairman, Malabar Group, said, "It will further fuel our global growth aspiration and lay the foundation for the next phase of growth. The consolidation of all our key functionalities at M-NH will enhance efficiency and streamline management as we focus on further growing our network of more than 190 retail showrooms across the country". "The opening of Malabar Gold & Diamonds’ national operational base in Mumbai is a strong testimony to the state’s conducive environment for investment and favourable business ecosystem”, said Devendra Fadnavis, Deputy Chief Minister of Maharashtra. “With the brand’s well-documented tradition of transforming jewellery trade, providing employment opportunities, and championing social causes, I am confident that Malabar National Hub will be a key proponent of our state’s development, further enriching our legacy in the global diamond and gold trade”, he added.
“M-NH will play a pivotal role in spreading the famed jewellery craftsmanship of our country both in the domestic and global markets. India is our biggest market. Our aim is to strengthen our retail presence in existing regions and expand into new territories, including Rajasthan, Puducherry, Uttarakhand, Jharkhand, Goa, Assam, Tripura, and Jammu and Kashmir. Mumbai’s strategic edge will help us further drive growth in India", said Asher O, Managing Director India Operations, Malabar Gold & Diamonds.
“Our continued efforts to project the country’s unparalleled craftsmanship to the domestic market and to the world are delivering the desired results. Our recent foray into Europe with the launch of our first showroom in the UK at London, as well as the setting up of Malabar International Hub (MIH) in Dubai, UAE are significant milestones in our mission, Make in India, Market to the World,” said Abdul Salam KP, Vice Chairman, Malabar Group. Malabar Gold & Diamonds, with an annual turnover of $5.2 billion, has a retail network of over 330 outlets spread across 11 countries in addition to multiple offices, design centers, procurement centers and factories spread across India, Middle East, Far East, the USA & the UK. The group, owned by more than 4,000 shareholders, has more than 21,000 employees from over 26 countries.