Malabar Gold & Diamonds opens Mideast’s largest jewelry showroom in Abu Dhabi
Malabar Gold and Diamonds, one of the world’s largest gold and diamond retailers, has opened the largest gold and diamond showroom in the Middle East on 5th Nov at Hamdan Street in Abu Dhabi - spanning a floor space of 10,000 square feet that showcases over 50,000 pieces of jewelry handcrafted by jewelers from over 10 countries. As a part of expansion, the jewelry chain opened a new showroom in Mushriff Mall, Abu Dhabi on 4th Nov.
The Middle East’s largest showroom unveils a 30-kilogramme gold replica of Sheikh Zayed Grand Mosque, worth Dh3.5 million at current price of gold, for people to visit.
Bollywood star Kareena Kapoor Khan leads the star attraction at the showroom to meet and greet thousands of shoppers ahead of Diwali celebrations in the UAE capital.
“Opening of the Middle East’s largest gold and jewelry showroom in Abu Dhabi reaffirms our strong commitment to the UAE and the GCC where we are a partner in the region’s economic growth,” MP Ahammed, Chairman of Malabar Group, said.
“The UAE has remained one of the best performing markets - where sales continued to grow amid varying market dynamics that reaffirmed our commitment to this market. Our continued investment in the UAE market reflects our strong belief in the country’s resilience.
Largest retailer
“The growth story of Malabar Gold and Diamonds will continue regardless of the market situation where ups and downs are part of the business. However, we are here for the long haul and share the UAE government’s vision.”
Of the total, Malabar Gold and Diamonds is investing Dh223 million in eight stores in the UAE, Dh100 million in five outlets in Saudi Arabia, Dh57 million in three outlets in Oman and Dh20 million in one outlet in Malaysia. In addition to these, the company will add five more outlets in India.
The expansion will see the largest gold and diamond jewelry retailer expand its retail network from 134 to 155 - reinforcing its position as the most preferred jeweler in the world. The move also reflects the fastest growth by a jewelry retail chain in the world - emerging from being a small player to become one of the top 5 jewelry retailer in the world within the span of just a decade.
Malabar Gold and Diamonds, which started its international operations in Dubai just under ten years ago, has recorded phenomenal growth in gold and diamond jewelry sale despite the fluctuating gold price in the market.
Malabar Gold and Diamonds opened the largest jewelry outlet in Dubai at the Gold Souq in Deira, Dubai last year - the success of which has prompted the company to set up a similar facility in Abu Dhabi.
Shamlal Ahamed, Managing Director of Malabar Gold and Diamonds International Operations, said, the company has an aggressive development plan that will spread its wings in new markets while strengthening its presence in the key growth markets such as India, the UAE and Saudi Arabia.
“Despite lower market sentiments due to global slowdown, the UAE market has shown strong sales across our networks,” Shamlal Ahamed, who spearheaded the company’s international expansion, says. “We will continue to invest in the Middle East and other key market, despite the market fluctuations.
“With consumer demand growing by the day, we feel the need to offer greater space, design, collections and options to our customers. The higher footfall and brisk business at our large-format outlet at the Gold Souq, has prompted us to invest in a similar facility in Abu Dhabi, where customers will be spoilt for choice, designs and a wider price point.”
Expansion drive
The move is part of the $700 million (Dh2.5 billion) expansion drive announced by Malabar Gold and Diamonds in 2013 - that is expected to more than double the number of its outlets to 220 by the end of 2018.
Established in 1993, Malabar Gold and Diamonds have the wealth of experience in serving the discerning customers for over two decades. It is the consistent efforts by their management to deliver more than what they promise that led to their success. Commitment to customer satisfaction, unique designs and value for money are some of the factors that set them aside from their competitors.
Recognizing their potential in the Middle East, they have embarked on expanding their footprints across the region. The group is represented in the Far East with 3 outlets in Singapore and 1 in Malaysia. They are looking for expanding into Hong Kong and Indonesia soon. The company is also planning to spread their wings to European markets starting with UK and US.
The group is in the forefront when it comes to CSR activities also. They set apart a percentage of its net profit to the benefit of needy. The charity projects of Malabar Gold and Diamonds have touched the lives of thousands of people across the world. They focus primarily in five priority areas such as health, education, environment, housing and women empowerment.
