Malabar Gold & Diamonds Reports an Annual Turnover of Rs 51,218 Crore
They aim to strengthen their presence in Jharkhand, Goa, Assam, Tripura and Jammu & Kashmir.
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The gems and jewellery industry in India has become one of the largest sectors in the country, playing a crucial role in boosting the Indian economy. Recently, Malabar Gold & Diamonds revealed an annual retail global turnover of Rs 51,218 Crore in the previous fiscal year.
This comes after the brand was recognised as the world's sixth-largest jewellery group and the 19th-ranked brand in Deloitte's Global Ranking of Luxury Products. Looking ahead, the company is set to expand into new markets, including New Zealand, Egypt, Bangladesh, and various European regions. Their ambitious is to open 100 new stores within the next year to broaden their customer base.
In addition to their expansion efforts, Malabar Gold & Diamonds aims to strengthen its presence in states such as Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir, where it currently has limited representation. Currently, the brand operates stores in numerous countries, including the UAE, Oman, Saudi Arabia, Singapore, Malaysia, USA, Canada, UK, Australia and more. They also plan to increase their workforce by hiring an additional 7,000 employees, bringing the total to 28,000 individuals.
Malabar Gold & Diamonds has made significant investments in sustainability and community welfare initiatives. Some notable projects include the Hunger Free World initiative, providing meals to over 30,000 individuals daily in India and Gulf countries, and the Grandma Home project, which assists disadvantaged women. Additionally, the brand supports girls' education through scholarships and allocates five percent of its profits to CSR activities.
The company also ensures that gold and diamonds are sourced exclusively from responsible mining operations and legitimate suppliers, guaranteeing purity.
To this, MP Ahammed, Chairman of Malabar Group said, “Maintaining our position as a Responsible Jeweller is our utmost responsibility. Given our extensive global presence, we maintain our dedication to responsibly sourcing gold, ensuring it is mined without infringing upon the rights of individuals, particularly children, animals, and their habitats, assuring ethical practices, and transparent fund management. This commitment has earned us the trust and loyalty of our customers. We remain dedicated to sourcing responsibly mined materials and contributing positively to the communities we serve".
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