Malabar Gold & Diamonds to expand footprint into New Zealand

Malabar Gold & Diamonds (MGD), the 6th largest jewellery retailer globally with over 375 showrooms across 13 countries, is set to expand its footprint into New Zealand, it was announced on Wednesday.

This strategic move is aligned with the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and New Zealand, which fosters increased trade and economic collaboration between the two nations, a statement from MGD said.

With the entirety of Malabar Gold & Diamonds’ international operations based out of the Malabar International Hub in the UAE, the signing of CEPA between the UAE and New Zealand will enable the brand to further streamline their business operation as it relates to expanding their retail presence into the 14th global country of operation.

“This agreement not only allows us to strengthen economic ties but also provides us with an opportunity to introduce our products and services to a whole new audience," Malabar Group chairman M P Ahammed said.

"By capitalising on the opportunities presented by this bilateral trade agreement, Malabar Gold & Diamonds marks a significant milestone in our overarching vision to become the world's number one jewellery retailer,” he explained.

In the initial phase of its expansion into New Zealand, MGD will invest NZD 75mn to establish its presence in the region. This significant investment will see the launch of three world-class showrooms, bringing the brand’s exceptional jewellery collections and renowned craftsmanship to New Zealand’s discerning customers.

"It's encouraging to see the CEPA already driving increased trade and investment between our two countries," said New Zealand Trade Commissioner to the UAE and Consul General to Dubai & Northern Emirates, Ahmad Zakkout.

“New Zealand is a market brimming with potential, offering us an exceptional opportunity to connect with a diverse customer base that appreciates the artistry, quality, and authenticity synonymous with Malabar Gold & Diamonds,” commented MGD's international operations managing director Shamlal Ahamed.

“While our global growth has been rapid, it has always remained firmly aligned with our ESG (Environmental, Social, and Governance) principles," Malabar Group vice chairman Abdul Salam K P said.

"With a 100% track record of strict compliance with local regulations, our expansion into New Zealand will uphold our commitment to operating as a model organisation that prioritises responsibility and sustainability in every aspect of its business. This is in line with the trade and development chapter charted out in the CEPA” he added.