Malabar Gold to invest Dh460m in 21 new outlets

Dubai

--

Malabar Gold and Diamonds, one of the world’s largest gold and diamond retailers, will open 21 retail stores across the GCC, India and Far East in the next six months with an investment outlay of Dh460 million ($125m). 

In total, Malabar Gold and Diamonds is investing Dh223m in eight stores in the UAE, Dh100m in five outlets in Saudi Arabia, Dh57m in three outlets in Oman and Dh20m in one outlet in Malaysia. In addition to these, the company will add four more outlets in India at an investment of Dh60m.

The expansion will see the largest gold and diamond jewellery retailer expand its retail network from 134 to 155 – reinforcing its position as the most preferred jeweller in the world. The move also reflects the fastest growth by a jewellery retail chain in the world – emerging from being a small player to being among the top 5 jewellery retailers worldwide within the span of just a decade.

“The current lower gold and commodity prices offer a great opportunity for investors and jewellery buyers. With gold prices remaining low, we see a strong buyer and investor interest for the yellow metal and diamonds,” MP Ahamed, Malabar Group Chairman, says. 

The company is set to open eight outlets in the UAE including a large format ‘jewellery paradise’ that will spread across 12,000 square feet of floor space in Abu Dhabi. This will be the largest jewellery retail outlet in the Middle East showcasing a variety of jewellery catering to a global audience.

The move is part of the $700m (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. “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. We will be showcasing a wide variety of jewellery ranging from Dh500 to Dh5m in this new outlet. One can find gold jewellery in 18K, 21K, 22K and 24K here and also will showcase solitaires, diamonds and pearl jewellery,” Shamlal Ahamed, Managing Director of Malabar Gold and Diamonds - International Operations, said.