(MENAFN- Khaleej Times) Malabar Gold & Diamonds, ranked among the world's top five jewellery retailers, announced on Wednesday the opening of 11 new showrooms across six countries in a single day to boost it network of outlets to 208 across nine countries.
The 11 new outlets, including eight in the Gulf region, will be launched on January 12.Speaking at a Press conference, MP Ahammed, chairman of Malabar Group, said the retailer would be opening in 2018a total of 50 outlets, almost one every week, as it marks 25th anniversary.
Ranked among the top five jewellery brands globally in terms of turnover, Malabar Gold & Diamonds expects to increase its annual sales to $5 billion in 2018, up 10-12 per cent compared to $4.5 billion recorded in 2017, Ahammed said. The group is also has plans to go public and preparations have started but will take time to announce details of the issuance, he said.
"This is for the first time that an Indian jewellery retailer will be opening such a large number of showrooms spread across six nations on a single day," said Dr P.A. Ibrahim Haji, co-Chairman of the company
The new showrooms would be located in Al Khail Mall, Al Hazana Lulu, Al Buhaira Lulu, Sahara Centre, Ajman City Centre in the UAE, Mall of Qatar, Lagoona Mall in Qatar, Muscat City Centre in Oman, AMK Hub in Singapore, Ampang Mall in Malaysia, and Warrangal in Telangana, India.
"The opening of 11 showrooms in a single day across six countries reflects our strong conviction and confidence in the overall growth of the gold and diamond sector, despite challenging circumstances in certain markets. We are getting wide acceptance in the global market place. Our core business values such as adherence to transparency, honesty, quality along with our value added services, product designs that suited to every class of customers' taste cutting across age group are the key factors that give us global acceptance," Ahammed said.
Currently, Malabar Gold & Diamonds has 197 showrooms of which 90 showrooms are in India and other 107 showrooms abroad. The rapid expansion of showrooms across geographies is part of the Group's strategy to fast expand its global footprint. In FY2017 alone, Malabar Group has opened 27 showrooms across nations, Shamlal Ahammed, Managing Director of Malabar Gold & Diamonds' International Operations, said.
"Despite the bull-run of crypto-currency, introduction of GST in India and VAT in the UAE and Saudi Arabia, we believe that the gold and diamond trade will sustain growth in the long run and will remain as the best commodity for investment and as a saving instrument in addition to being used as jewellery. As consumers adjust to the new tax regimes in different countries, we believe, the market will record stronger growth as people adjust their budgets for ornaments." added Abdul Salam KP, group executive director of Malabar Group.
Shamlal said in 2018, the group would be opening more manufacturing units apart from outlets. "This will fuel our vision to become the top jewellery retailer in the world. This year, we will be launching our operations in the US, Sri Lanka, Brunei, and Bangladesh."
In India, the company currently operates manufacturing units in Kerala, Tamil Nadu, Karnataka, Telangana, Maharashtra, West Bengal and in Saudi Arabia, Qatar and the UAE.-
Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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