Malabar Gold & Diamonds, a leading jeweller that currently has a retail network of more than 250 outlets across 10 countries, is hoping to continue expanding in the coming years as well.
Talking to Gulf Times in Doha recently, Malabar Group chairman M P Ahammed said their expansion plan is focused on opening 500 more outlets across the world in the next five years, taking into account the ever-growing love for gold and diamond among jewellery users.
“Along with bringing more and more creativity and innovation, one should also have more trustworthiness in the market to do well in his or her areas of activity,’’ Ahammed said while explaining the strides his company has made in the last 25 years since opening the first outlet in Kozhikode in the southern Indian
state of Kerala.
“From a modest beginning in Kozhikode in 1993, we have now expanded our operations even to the US, where our first outlet was opened earlier this year in Chicago,’’ he noted, expressing confidence that more branches would be opened in the US in the
Malabar Gold & Diamonds, the flagship company of Malabar Group, has more than 75 outlets in Gulf countries, including 12 locations in Qatar. The company is now also exploring business opportunities in areas other than jewellery in the Gulf region, according to Ahammed.
In Malaysia, where the Group started its operations more than a year ago, there are three outlets and the jeweller plans to open more branches in the coming months. “Jewellery customers in Malaysia are showing enormous interest in our ornaments and now the brand is gaining remarkably good acceptance in the
country,” he said.
Speaking about the performance of the bullion market globally, Ahammed said he has no doubt that “wherever there are strong family traditions and customs, there is hope for expansion in this business’’.
“A husband may want to gift something precious to his wife on a memorable occasion, a mother to his daughter and a son to his mother. No wonder, the choice of everyone in such moments – of strengthening bonds – continues to be gold or diamond,’’ the jeweller said, highlighting how the business was
growing around the world.
Ahammed is equally confident that India will continue to be a major player in the jewellery business as there is a growing demand from customers all over the world for Indian artistry and crafts. “Our designs have won universal acclaim and they have a growing acceptance among different sections of customers, spread all over
Speaking in particular about his company’s customers, Ahammed said the brand’s focus is on “middle class and upper middle class” patrons. “Their requirements are always changing and we make changes consistently to meet their needs, likes and interests,” he added.
Ahammed also said his company was looking at more Indian states to expand operations over the next few years. “There are many mid-level towns in both northern and southern India where there is a scope for operations and we are missing no chance to make an entry into such places.
“As part of our expansion, we are also looking at markets such as Hong Kong where there is increasing activity at present,’’ he said, citing the growing interest shown by the Chinese in possessing gold and diamond jewellery. “The Chinese are buying both gold and diamonds in large quantities unlike what they used to, say, some three decades ago,’’ he added.
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