Malabar Gold and Diamonds’ annual turnover crosses $3.5bn

KUWAIT: The annual turnover of Malabar Gold and Diamonds, one of the world’s largest gold and diamond jewelers, is expected to reach $3.5 billion this year, which marks the company’s 20th anniversary, reinforcing its position among the top jewelry retailers in the world.

The company, which has a strong presence in the Gulf and India, also announced the opening of its 100th retail outlet, which elevates its position among the world’s top three gold and diamond jewelry retailers. The 100th outlet will be inaugurated by cricket legend Padma Bhushan Kapil Dev at Gurgaon.

As part of its 20th anniversary celebrations, Malabar Gold and Diamonds has chalked out a series of massive celebrations, spanning more than three weeks, which will see distribution of over 400,000 coins to its customers as gifts for purchases made during the 23-day celebrations.

The opening of the company’s 100th store is part of its three-year expansion and re-branding vision announced in March 2012, that will eventually raise the company’s retail network to 220 outlets, with an investment outlay of more than $560 million and create 16,000 jobs and triple its annual turnover to $6 billion and make it the world’s largest jeweler in terms of annual turnover by 2015.

“Malabar Gold & Diamonds is in its endeavor to become the world’s leading retailer in value appreciating gift articles, is undergoing a transformation in its brand to better suit its future business vision. We are embodying a change to help us scale greater heights and to better serve our discerning customers,” said MP Ahamed, Chairman of Malabar Group.

The company, owned by 1,600 shareholders, mostly Indians, has recently appointed Bollywood star Kareena Kapoor as its new brand ambassador to help reflect the company’s image.

Malabar Gold and Diamonds, whose annual turnover exceeded $2.4 billion in 2011, was ranked as the third largest jewelry retailer last year after Hong Kong-based CTF with a turnover of $6 billion and Tiffany and Company, which has an annual turnover of $3 billion.

“With our ambitious expansion plan, we are fast changing the global ranking of the world’s top jewelry retailers to rise to the top position in the near future,” said Shamlal Ahamed, Managing Director - International Operations of Malabar Gold and Diamonds.

“However, our biggest success lies in our ability to serve our clients in the best possible ways and the satisfaction of our customers and the trust they attach to our company is reflected in the growth in customer retention and loyalty,” he added.

The company, which excels in quality products and services, has more than 7,000 professionals on its payroll. “As the gold, diamond and jewelry trade thrives, we see greater opportunity in our business. That’s why, today’s announcement of expansion and our 20th anniversary celebrations come at the most appropriate time and reiterates our long-standing commitment to the jewelry business,” Shamlal Ahamed added.

On this joyous occasion, the company has also announced strong corporate social responsibility (CSR) initiatives that will see a higher portion of the company’s profits distributed amongst the neediest people.

“What differentiates a great company from a good one is in its use of wealth - how it contributes to the social causes and pays back to the society,” said KP Abdul Salam, Group Executive Director of Malabar Group. He added, “Like our products and services, we also want to make a difference in our societies - by giving back a sizeable portion of our wealth to the society.”