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Malabar gold and Diamonds to open 56 new showrooms, invest 1600 crore

- March 27, 2021

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Thiruvananthapuram, March 27(BPNS)

The noted gold and diamond retail chain, Malabar gold as part of its expansion programme will open 56 new show rooms across the country and abroad in a year.

Sources in the group said that it would be investing an amount of Rs 1600 crore for this expansion.

While 40 outlets would be opened in India, 16 will be in foreign countries and will create 2000 new job opportunities. Within the country the new show rooms are coming up at Kerala, Tamil Nadu, Telengana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh and Odisha. The group will open new showrooms at Singapore, Malaysia, Sultanate of Oman, Bahrain and UAE.

Presently the group has 270 odd showrooms in 10 countries and the growth from 1 single show room shop at Kozhikode within a span of 27 years is phenomenal.

The group Chairman, MP Ahmad said that through  Gold, diamond retail showrooms, jewelry making factories and multi retail showrooms, the group has been developed into a major brand.

He further said that through expansion programmes, the group is expected to become the number one in the world in jewelry business. The group’s Executive director, KP Abdul Salam said that all the transactions of the group will be transparent.