Malabar Gold & Diamonds, a BIS certified Indian jewelry group headquartered in Kerala, is opening two new outlets in Qatar amid global expansion as it aims to generate a total turnover of $10 billion by 2025.
The new outlets will be open on January 22 in Landmark Shopping Mall in Gharrafa and Al Meera Jeryan Jenaihat. The jewelry group has already opened six stores in Doha and one in Al Khor.
Malabar Gold & Diamonds plans to triple its outlets from 250 to 750 by 2023. With this, the company aims to reach a turnover of $6.85 billion. As a part of its Fiscal Year (FY) 2023 global expansion plan, the group aims to open 22 new stores, of which 12 are in the Gulf Cooperation Council (GCC) and Far East, and 10 in India.
The group is one of the largest chains of jewelry stores in the world, with more than 260 showrooms spread over 10 countries. Its commitment to further the brand value of Indian jewelry at the international level is reflected in generating more job opportunities in the manufacturing sector domestically.
M P Ahammed Chairman Malabar Gold & Diamonds
“With the launch of 22 showrooms in January, we are all set to make an impactful beginning to the New Year. Our mission is Make in India and Market to the world. This expansion program will create approximately 5,000 job opportunities in the retail, manufacturing, technical, and management areas related to the jewelry trade.“
According to the group, strengthening its manufacturing capabilities is in line with its backward integration policy to achieve competitiveness and cost efficiency in the sector, which contributes about 7 percent to the global GDP. The massive expansion drive this month will begin with the launch of the Artistry concept store of 22,000 sq ft in MG Road, Bangalore, India on January 8.
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