Malabar Gold & Diamonds opens global hub in Dubai

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Indian jewellery brand Malabar Gold & Diamonds has opened its international hub in Dubai as it gears up to expand into new markets.

By the next, year, the company aims to achieve annual revenues of Dh10 billion for its global operations.

Chairman of Malabar Group, M.P Ahammed, said that thanks to the opening of the international hub, the company is inching closer to fulfilling its vision of becoming the biggest gold jewellery retailer in the world: “Our commitment to the highest standards of quality, precision and customer service has established our position as one of the leading brand names in the industry in less than 30 years.”

The UAE Minister of Economy, Abdullah bin Touq Al Marri, witnessed the opening of the four-storied international headquarters spread over 28,000 square feet.

Managing director of international operations at Malabar Gold & Diamonds, Shamlal Ahamed M.P, said the elimination of jewellery import duties following the signing of the landmark UAE-India Comprehensive Economic Partnership Agreement has prompted the group to consolidate its footprint in new global markets as well as reinforce its presence in existing markets including the US.

Mr Ahamed M.P added that Dubai was chosen as the base for its global expansion owing to investor confidence in the UAE’s bustling business environment: “The UAE is a leading global hub of gold and precious metal trading with its vibrant gold sector accounting for 32 per cent of its total non-oil exports in 2022. Moreover, the country accounts for 8.2 per cent of total global gold exports, ranking third behind Switzerland and the UK in 2021.

“This is indeed a historic occasion for us. The UAE has always supported our growth by offering a highly favourable environment for business advancement. All current international operations, including those in the USA and the Far East, will be managed from our new Dubai hub from now on.”

At present, the jewellery group’s retail network comprises more than 310 outlets across 10 markets in the GCC region, India, the Far East and the US.

Malabar Group, owned by more than 4,000 shareholders, employs more than 17,500 professionals across 26 countries.

Vice chairman of Malabar Group, K.P. Abdul Salam, said the international hub would help accelerate the retail network’s efforts to achieve annual revenues of Dh10 billion in the next 12-18 months. “We look forward to working closely with the UAE government and other key stakeholders in the ecosystem to support our foray into more global markets, while also contributing to strengthening Dubai’s position as the City of Gold.”

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