Diamonds and money bills

MALABAR GOLD PLANS $150 MILLION EXPANSION IN MARKETS OVERSEAS

One of India’s biggest jewelry retail chains, the Malabar Gold & Diamonds Group, has announced its plan to invest $150 million to expand in overseas markets, Gem Konnect reports. According to the report, “Malabar says its objective is to become the world’s largest jewelry retailer in a few years’ time”.

 

Malabar Gold’s worth is estimated at $3.9 billion, and it is among “the world’s top five jewelry retailers in terms of turnover”. In 2016, it raked in $1.7 billion in overseas sales and $1.6 billion in domestic sales. Malabar had 161 stores at the end of December 2016.

 

The majority of the capital in the $150 million expansion plan will be invested in opening retail outlets in Hong Kong, Indonesia, the Middle East and Sri Lanka. Group Chairman M.P. Ahamed said: “This is our largest vertical expansion, at a crucial time that reflects our renewed confidence and strong commitment to the Gulf, India and Far Eastern markets”.

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