Malabar Gold & Diamonds, the world’s sixth-largest jewelry retailer and the 19th in Deloitte’s luxury goods global ranking has achieved a significant milestone by recording an annual retail turnover of Rs 51,218 crore globally in the fiscal year 2023-24. The Kerala-headquartered group, known for its exquisite jewelry designs and extensive retail presence, has made waves in the industry with this remarkable achievement.
Malabar – A Global Footprint
Malabar Gold & Diamonds operates 345 stores across 13 countries, making it a prominent player in the international jewelry market. With a workforce of 21,000 employees spread across 26 countries, the group has established itself as a trusted brand known for quality craftsmanship and customer service.
In addition to its financial success, Malabar Gold & Diamonds remains committed to its corporate social responsibility (CSR) initiatives. The group has invested Rs 234 crore in various CSR activities, contributing to community development and welfare. These efforts reflect the company’s dedication to making a positive impact beyond its business operations.
Future Expansion Plans
Malabar Gold & Diamonds has ambitious expansion plans. In India, the company aims to strengthen its presence in several states, including Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir. In the month of February, Malabar said that it has aimed to reach 350 stores by the end of March.
With this ambition, it opened ten new stores in India which includes Maharashtrian cities like Latur, Satara, and Nagpur, Kolar and Whitefield in Karnataka, Jaipur in Rajasthan, dazzling Chandni Chowk in Delhi. From the south Vanasthalipuram in Andhra Pradesh and Puducherry, in the north, it is Patiala in Punjab. With this opening, Malabar makes its first entry into the regions of Rajasthan and Puducherry. As per its statement in February, the firm also aimed to increase its workforce to one lakh within the next three years.
Furthermore, the group is eyeing overseas markets for retail expansion. By increasing its workforce from 21,000 to 7,000 people across 26 countries, Malabar Gold & Diamonds is all set to expand its business from national boundaries. The company is ready to transcend to international borders by opening new stores in New Zealand, Egypt, Turkey, and South Africa.
Chairman’s statement on the firm’s prospects
MP Ahammed, the Chairman of Malabar Group said that they have excelled in the field by working with the motto of ‘Make in India, Market to the World’. In addition to this, he also said, “This accomplishment brings immense joy, not only to us but also to jewelry enthusiasts in the 14 countries where the brand is present. As we prepare to open ten new stores, we express our sincere gratitude to all our valued customers, team members, and investors who have played a key role in making this possible. With each new store opening, we are moving closer to our goal of becoming the world’s number one jewelry and luxury brand,”.
In an interview with Only Natural Diamonds, speaking about a lesson in business he commented, ” Throughout my career, one lesson that has stuck with me is that making mistakes is inevitable. It is part of the process of becoming a successful businessperson. It is virtually impossible to get 100% of your decisions right. As business owners or as individuals, all we can do is do right by our ideals, learn from our mistakes, and work hard towards our goals”.
The jewelry industry has witnessed significant shifts in consumer preferences and market dynamics, and Malabar Gold & Diamonds’ ability to adapt and thrive is commendable.
As the company continues to innovate and cater to diverse customer needs, it remains a quintessential of excellence in the world of jewelry retail. Malabar Gold & Diamonds’ achievement underscores its position as a leader in the jewelry industry. With a strong commitment to quality, social responsibility, and global expansion, the group continues to shine brightly in the competitive market.