DUBAI — The annual turnover of Malabar Gold and Diamonds, one of the world's largest gold and diamond jewelers, is expected to reach $3.5 billion (Dh12.8 billion, Rs220 billion) this year – the company's 20th anniversary – reinforcing its position among the top jewelry retailers in the world. The company, which has a strong presence in the Gulf and India, also announced the opening of its 100th retail outlet – a rare feat – that elevates it's position among the world's top three gold and diamond jewelry retailers. The 100th outlet will be inaugurated by cricket legend Padma Bhushan Shri Kapil Dev at Gurgaon. As part of its 20th anniversary celebrations, Malabar Gold and Diamonds has chalked out a series of massive festivities that spans more than three weeks and will see the distribution of over 400,000 coins to its customers as gifts for purchases made during the 23-day celebrations. The opening of the company's 100th store is part of its three-year expansion and re-branding vision announced in March 2012, that will eventually raise the company's retail network to 220 outlets, with an investment outlay of more than Rs35 billion, will create 16,000 jobs and triple its annual turnover to $6 billion (about Rs390 billion) to make it the world's largest jeweler in terms of annual turnover by 2015. “Malabar Gold & Diamonds is in its endeavor to become the world's leading retailer in value appreciating gift articles and is undergoing a transformation in its brand to better suit its future business vision. “We are embodying a change to help us scale greater heights and to better serve our discerning customers,” said MP Ahammed, Chairman of Malabar Group. The company, owned by 1,600 shareholders, mostly Indians, has recently appointed Bollywood heartthrob Kareena Kapoor as its new brand ambassador to help reflect the company's image. Malabar Gold and Diamonds, whose annual turnover exceeded $2.4 billion (Dh8.8 billion) in 2011, was ranked as the third largest jewelry retailer last year after Hong Kong-based CTF with a turnover of $6 billion (Dh22 billion) and Tiffany and Company, which has an annual turnover of $3 billion (Dh11 billion). “With our ambitious expansion plan, we are fast changing the global ranking of the world's top jewelry retailers – in which we are constantly outranking global rivals – to rise to the top position in the near future,” said Shamlal Ahamed, Managing Director - International Operations of Malabar Gold and Diamonds. “However, our biggest success lies in our ability to serve our clients in the best possible ways and the satisfaction of our customers and the trust they attach to our company that is reflected in the customer retention and loyalty that we have seen in the last few days.” The company, which excels in quality products and services, has more than 7,000 professionals on its payroll. “As the gold, diamond and jewelry trade thrives, we see greater opportunity in our business. That's why, today's announcement of expansion and our 20th anniversary celebrations come at the most appropriate time and reiterates our long-standing commitment to jewelry business,” Ahamed says. On this joyous occasion, the company has also announced strong corporate social responsibility (CSR) initiatives that will see a higher portion of the company's profits are distributed among the most needy people. “What differentiates a great company from a good one is in its use of wealth – how it contributes to the social causes and pays back to society,” KP Abdul Salam, Group Executive Director of Malabar Group, said. “Like our products and services, we also want to make a difference in our societies – by giving back a sizeable portion of our wealth to society.” Established in 1993 in South Indian state of Kerala, Malabar Gold & Diamonds has a strong retail network of 100 outlets spread across seven countries, 10 wholesale units in addition to offices, design centers and factories spread in India and the UAE. With 7 cluster manufacturing units in India and GCC – the company currently has 6 jewelry brands to cater to the discerning needs of customers. Malabar Gold and Diamonds is the flagship company of Malabar Group, a leading diversified Indian business conglomerate. — SG
