Mumbai: Malabar Gold & Diamonds, one of the world's largest gold and diamond jewellery retailers, announced an investment of Rs 620 crore to expand its retail network. The plan will see an addition of 24 stores in three months, from January. Of this, Rs 220 crore will be invested in India.
Out of the 24 new outlets, 9 will be in the UAE, 7 in India, 5 in Saudi Arabia, 2 in Bahrain and 1 in Kuwait. The expansion will also add more than 1,000 professionals to the group's existing manpower strength.
"This is one of our single largest vertical expansion drives. The expansion at a crucial time reflects our renewed confidence and strong commitment to the Gulf, India and Far East markets," MP Ahammed, chairman of Malabar Group, said.
"Investment in downturn market requires courage and strong risk appetite. Our latest expansion demonstrates our long-term vision and a sustainable business development roadmap that we can manage mostly with our own resources".
"The expansion is aimed at serving more communities and nationalities, especially people from the Philippines, African Arab communities, the Levant as well as the Western countries. The extended network will help us acquire a greater customer base", he added.
The price of gold has risen in almost every major world economy during 2016, suggesting that the dark days are over and good times are coming back. The gold price is almost 10 per cent higher today than what it had been 12 months ago.
