Malabar Gold & Diamonds is an Indian jewellery group headquartered in Kozhikode, Kerala. The company was founded by M. P. Ahammed in 1993.[2] As of May 2023, it owns more than 330 showrooms across 11 countries, making it one of the largest chains of jewellery retailer in the world.[3][4] The company also owns Malabar Watches, a network of luxury watch boutiques operating across India.[5]
History
The Malabar Gold & Diamonds was established in 1993 by M. P. Ahammed. Since 2000, the company has been on an expansion and was reported to be a group worth ₹500 crore in 2005.[6] The company claims that they are the first brand to offer only 100% BIS hallmark gold.[7] Though the company is mainly committed to India, they are also present across the Gulf and Far East markets.[8] In 2012, the company had a turnover of ₹12,000 crore and by the end of 2013, it posted a turnover of ₹22,000 crore. By 2017, the group had opened 27 stores across nations.[9]
On 12 January 2018, the company opened 11 outlets in a single day across the globe setting a new record. The number of outlets reached 208 with this launch.[10] Out of the 11 outlets opened, 8 were located in the Gulf region. The new showrooms were established in AL-Hazana Lulu, Al-Khail Mall, Al- Buhaira Lulu, Ajman City Centre and Sahara Centre in the UAE, Lagoona Mall and Mall of Qatar in Qatar, AMK Hub in Singapore, Muscat City Centre in Oman, Warrangal in Telangana, and in Ampang Mall in Malaysia.[11]
By 2018, the company had 215 stores across 9 countries with the highest number of stores in India.[12] The Indian market also accounts for about a third of the company’s revenue. The same year, Malabar Gold & Diamonds opened their first showroom in the U.S market.[13] This outlet in Chicago which was also group’s 250th outlet was inaugurated by Neeta Bhushan, Counsel General of India.[14] Later, the company legally converted its UAE operations covering Saudi Arabia, Bahrain and Oman into 100% ownership.[15]
Miss World 2017, Manushi Chhillar turns brand ambassador for Malabar Gold and Diamonds in 2018
In January 2023, the company launched its 300th global showroom in Dallas, Texas, United States. With the opening of this showroom, Malabar Gold & Diamonds became the 6th largest jewellery retailer in the world.[16] In May 2023, they launched the biggest jewellery showroom in the world, spanning at an area of 110000 sq ft at Kozhikode.[17] In June 2023, Malabar Gold & Diamonds expanded their operations into Europe by opening a showroom in London. This was also the 320th showroom of the company.[18]
Founder
M. P. Ahammed is the founder of Malabar Gold & Diamonds. He is also the chairman of the company. He was born on 1 November 1957 in Kozhikode, Kerala. He ventured into business at the age of 17 with an agro farming company. In 1981, he started trading spices and copra (dried kernel of coconut). M. P. Ahammed has two children with his wife Subaida K.P. His son Shamlal Ahammed is the company’s Managing Director of International Operations. At the age of 36 in the year 1993, he established Malabar Gold with a capital of ₹50 lakhs in his home town Kozhikode.[19]
The headquarters of Malabar Gold & Diamonds is located in Kozhikode. The Malabar National Hub is the company’s office located in Mumbai from where the domestic operations are handled.[citation needed] The company oversee all of its non-India operations from Malabar International Hub at Dubai's Gold Souk Extension in Deira.[21]
Malabar Gold & Diamonds was one of the manufacturing concessionaries of the “Dubai Celebration Chain” that set a new Guinness World Records in 2015. The 5.52 km long chain weighed 240 kilograms and had over 4 million links.[30] Malabar Gold & Diamonds created 2.5 km of the chain.[31] It was completely handcrafted and the company created 2.5 km of the chain.[32] The Dubai Celebration Chain was presented at the 2015 Dubai Shopping Festival.[33]
In 2018, Malabar Gold & Diamonds opened 11 stores in 6 countries in a single day creating a record in the process.[34] As a part of the celebrations, Bollywood actor Anil Kapoor inaugurated the outlet at Al Hazana Lulu Dubai.[35] The actor also appeared in the ‘’Malabar Promises’’, produced by Malabar Gold & Diamonds. In 2020, the company launched the One India One Gold Rate, an initiative offering uniform gold rate across all states in the country and responsible sourced gold without compromising on the quality and purity of gold.[36][37] In May 2022, Malabar Gold & Diamonds became one of the first beneficiaries of India-UAE CEPA when it received the permission to export jewelry from India to the UAE with tax concession.[38]
Incidents
On 20 May 2016, the Rolla outlet of Malabar Gold and Diamonds in Sharjah, UAE was robbed. Four thieves broke into the store and made away with 7kg of gold jewellery kept in display glass counters, around 3:50 am.[39]
The Sharjah Police arrested 3 Pakistani nationals, who were involved in the robbery. One of their accomplice had fled the country a few hours after the incident.[40] The stolen gold was seized from the Jebel Ali Port, from where the gang members planned to send it to Pakistan by cargo.[41]
Other ventures
Factories
In March 2023, the company opened a modern integrated complex crore at Kakkancherry, Kerala, which consists of jewellery manufacturing unit and design studio. The complex was set up at an area of 1.75 lakh sq ft.[42]
5% of the profits generated by the company are devoted to the CSR activities in the fields of health, women empowerment, education, housing, and environment.[43]
The company associated with Al Baraha Hospital on 11 December 2015 to conduct free health check-up and blood donation camps. The camp was also aimed at spreading awareness on the importance of well-balanced diet. In 2016, Malabar Gold & Diamonds contributed AED 10 million ($2.72 million) to Al Jalila Foundation, a global philanthropic organization dedicated to medical education and research.[36][44] The contribution was made to support research in diseases and disorders in the United Arab Emirates. Besides this, they participates in CSR activities specifically in Dubai region and engage in activities concerning the differently abled.[45]
In 2017, Malabar Gold & Diamonds sponsored the tickets of 100 prisoners to facilitate their repatriation. The prisoners were those who had completed their jail terms at the Ajman Central Jail.[citation needed] In 2019, they distributed over 1,14,000 special Iftar meals/kits during the auspicious month of Ramadan.[46] This was done in association with like-minded organizations from the different countries where the activity was planned. In 2018, the Malabar Gold & Diamonds made a contribution of ₹2 crore to Kerala Chief Minister’s distress relief fund to help cope up with the devastating flood in the state.[citation needed] The group also distributed food and water among the victims through its Malabar Gold & Diamonds stores across the state.[47]
The company organized a blood donation drive on 26 December 2019 near one of their stores in Qatar.[48] The initiative, hosted by the jeweller’s Corporate Social Responsibility (CSR) team, saw 70 donors, including 15 staff members participating. In 2020, Malabar Gold & Diamonds donated one crore to the Telangana Chief Minister Relief Fund to help in the battle against coronavirus pandemic.[citation needed] They have been also actively helping the needy with essential grocery kits across the states of Andhra Pradesh and Telangana.[49]
Malabar Gold & Diamonds has distributed over 15,000 food kits comprising essential items such as rice, lentils, oil and spices, to workers in the Gulf and East Asia during the COVID-19 crisis.[50][51][52] They also donated ₹1 crore to the PM Care Fund to support the COVID-19 pandemic relief measures. Malabar Gold & Diamonds provides daily meals to nearly 32,500 needy people through their Hunger-Free World initiative, which aligns with the United Nations’ Sustainable Development Goal 2–Zero Hunger.[citation needed] The company works with "Thanal," a group renowned for its dedication to social service, to carry out this purpose. For the preparation of meals, various places have been equipped with modern kitchens.[53] To guarantee that the food is cooked with hygiene, trained staff is appointed. Individuals on the streets and those in need get food gifts from volunteers from Thanal and Malabar.[citation needed] The main locations where packages are distributed are hospitals, bus stops, and railroad stations.[54] In addition, Malabar volunteers survey the nation to determine its level of poverty. The Hunger-Free World campaign is currently active through numerous centers throughout Africa and India.[55]
Malabar Gold & Diamonds has been awarded with the Super Brand award for five consecutive years in Oman.[56][57][58] The company has received an award by the Retail Jewellers India organization in 2017 for their special contributions to the gemstone and jewellery industry.[59] Malabar Gold & Diamonds was recognized as one of “The Economic Times Best Brands 2019”.[60] In September 2022, the All India Gem and Jewellery Domestic Council (GJC) felicitated Malabar Gold and Diamonds on being selected as the 6th largest jewellery group in the world. In July 2023, they were honoured with the Global Retailer of the Year Award' at the Kerala Jewellery Awards.[61]
US$5 Billion[1]
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