Malabar Gold and Diamonds, the sixth largest jewellery retailer globally with a retail network of over 310 outlets across 10 countries in India, the Gulf Co-operation Council (GCC), Far East and the US, has unveiled its new base for international operations, the Malabar International Hub (M-IH) at Dubai Gold Souq in Deira, Dubai.
The M-IH was inaugurated by Abdulla bin Touq al-Marri, cabinet member and the UAE minister of economy on March 22 in the presence of Malabar Gold chairman, directors, government officials, distinguished guests, well-wishers, and management team members of the jewellery retailer.
Celebrating its 30th anniversary, the opening of M-IH marks a landmark for Malabar Gold and Diamonds, which began international operations in 2008 from the UAE.
The 28,000sq ft LEED Gold Certified hub has been designed to be the epicentre of the brand’s current and future business aspirations. Spread across four floors, it houses all functions, from a global centralised supply chain to all enabling and supporting functions for existing operations in GCC, the US, Singapore, and Malaysia; and set the foundation for the growth aspirations of the group to continue its ambitious expansion plans into countries such as the UK, Australia, Canada, Turkey, Bangladesh and New Zealand.
The decision by Malabar Gold and Diamonds to setup its global base in the UAE, comes in the wake of CEPA (Common Economic Partnership Agreement) between India and the UAE, a move which opened the gates to a more fruitful and collaborative commercial pathway between the two countries.
This move highlights the position of the UAE as one of the most preferred trade destinations for global companies.
The gold sector in the UAE accounted for 32% of its total non-oil exports in 2022, cementing its position as a global hub for gold and precious metal trading. Moreover, the UAE accounts for 8.2% of total global gold exports today, ranking third behind Switzerland and the UK in 2021.
In terms of exports and imports of gold, the UAE's total exports of gold and its products stood at AED135bn, while the country’s imports of gold and its products totalled nearly AED274bn. The UAE's total trade in gold and gold products, including re-exports, grew by 17% to AED451bn in 2022.
“With the establishment of M-IH in Dubai, Malabar Gold and Diamonds has taken one step closer to our dream of being the biggest jewellery retailer in the world. The new facility is all set to be the stepping stone of our Vision 2030 goal of scaling up our operations to conquer new markets and strengthen our presence in existing markets," said Malabar Group chairman M P Ahamed.
Shamlal Ahamed, managing director (International Operations), Malabar Gold and Diamonds said the removal of import duty through the CEPA will help it in using that to add new international markets as well as improve the retail presence in current markets such as the US.
"With the opening of our new global base in the UAE, all our existing international operations including the US and Far East will be managed from Dubai," he said.
Abdul Salam K P, vice-chairman of Malabar Group, said the facility has been designed considering the needs and requirements of all the various elements that keep its operations afloat.
"We earnestly look forward to closely working with the UAE government and other key stakeholders to further our reach in the international jewellery trade and thereby be a key partner in enhancing Dubai’s status as the City of Gold,” he said.
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