Malabar Gold and Diamonds aims to become world's largest jeweller in next 3 years
New Delhi, Feb 01: Malabar Gold & Diamonds, India's leading jeweller in terms of revenues and one of the top five jewellery retailers worldwide, has announced that it has plans to become the world's largest jeweller with revenue worth Rs.50,000 crore within the next three years.
With revenues of $4.51 billion in FY2018-19, Malabar Gold & Diamonds, has embarked upon an aggressive expansion spree in India and abroad to achieve that milestone.
"Demand for gold and jewellery will continue to grow and our target is to double the number of showrooms in India and to enter ten more countries within the next three years. By the end of the current financial year, our business should grow to about US $5 billion. Considering the growth we have achieved so far when compared to our leading global competitors, we should reach our target to become the world's largest within three years," said M P Ahammed, Chairman, Malabar Group.
Headquartered in Kozhikode, Malabar Gold & Diamonds presently has 257 showrooms including 117 showrooms in India and 140 showrooms spread across ten countries like the Gulf Cooperation Council (GCC) countries, Singapore, Malaysia and the US.
To support its expansion plan and cater to the growing customer base, Malabar Gold & Diamonds which was established in 1993 has set up an end-to-end manufacturing and supply chain management system comprising of 14 jewellery manufacturing units including four outside India.
Malabar Gold & Diamonds opened its second showroom in Mumbai at the Palladium mall last week and has plans to open more showrooms in Mumbai and its suburbs like Vashi, Thane, and Borivali etc.
Malabar Gold & Diamonds which follows a unique model of co-operative entrepreneurship has about 4,700 investors. Approximately 27 per cent of the total 13,000 employees of the company are also part of the investor community.
The jeweller has also signed Bollywood actors like Anil Kapoor and Kareena Kapoor Khan, South Indian film actor Tamannaah Bhatia and former Miss World Manushi Chillar as brand ambassadors.