Indian Economy News

By FY25, Malabar Gold & Diamonds would invest Rs. 1,000 crore (US$ 120.3 million) and create 4,000 employments in Maharashtra

  • IBEF
  • October 3, 2023

By FY25, according to Malabar Gold & Diamonds, it will invest Rs. 1000 crore (US$ 120.3 million) and create 4000 employments in Maharashtra. The statement was released at the opening of Mumbai's Andheri East Malabar National Hub (M-NH), the company's centralised base of operations in India.

Malabar Gold & Diamonds' numerous operations, including retail, purchasing and supply chain management, e-commerce, digital gold, digital marketing, Customer Relationship Management (CRM), omnichannel operations, merchandising and bullion, corporate gifting and B2B divisions, human resources, and legal, are all housed under one roof at M-NH, which is 50,000 square feet in size, according to the company. More than 450 people have been sent to M-NH to manage business operations.

According to the Chairman of Malabar Group, Mr. MP Ahammed, it will further drive the company’s goal of worldwide growth and lay the groundwork for the next phase of growth. As the concentration is on expanding the network of more than 190 retail showrooms around the nation, the convergence of all main operations at M-NH will improve efficiency and streamline administration.

According to Mr. Devendra Fadnavis, the Deputy Chief Minister of Maharashtra, the opening of Malabar Gold & Diamonds' national operational base in Mumbai is a strong testimony to the state's conducive environment for investment and favorable business ecosystem. With the brand's well-established history of transforming the jewellery industry, creating job opportunities, and supporting social causes.

He also stated that the Malabar National Hub will be a key supporter of the state's development, further enriching the legacy of the global diamond and gold trade.

Mr. Asher O, Managing Director, Malabar Gold & Diamonds’ India, mentioned that M-NH will be essential in promoting the nation's renowned jewellery craftsmanship in both local and international markets. The goal is to increase retail presence in current areas while also expanding into new ones, such as Rajasthan, Puducherry, Uttarakhand, Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir. India is the largest market. Mumbai's strategic advantage will aid in accelerating India's expansion.

The Vice Chairman, Malabar Group, Mr. Abdul Salam KP, stated that the efforts to include unparalleled craftsmanship in the domestic market and around the world are delivering good results for the company. One of the recent forays into Europe with the launch of our first showroom in the UK in London, as well as the setting up of the Malabar International Hub (MIH) in Dubai, UAE, are significant milestones in the mission, Make in India, Market to the World.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.