Jewellery retailer primes for new market forays
Abdullah bin Touq Al Marri, the UAE Minister of Economy, inaugurates the hub in the presence of senior officials. – Supplied photo
Malabar Gold & Diamonds on Wednesday opened its international hub in Dubai Gold Souk as the world’s sixth-largest gold jewellery retailer primes for new market forays aimed at achieving annual revenues of Dh10 billion for its global operations by 2024.
Abdullah bin Touq Al Marri, the UAE Minister of Economy, witnessed the opening of the four-storied international headquarters spread over 28,000 square feet.
M.P Ahammed, chairman of the $5.2 billion Malabar Group, said the milestone opening of the international hub has taken the company one step closer to its vision of becoming the biggest gold jewellery retailer in the world. At present, the jewellery group’s retail network comprises more than 310 outlets across 10 markets in India, the GCC, the Far East and the USA.
“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,” said Ahammed.
Shamlal Ahamed M.P, managing director, international operations at Malabar Gold & Diamonds, said the elimination of jewellery import duties following the signing of the landmark UAE-India Cepa (Comprehensive Economic Partnership Agreement) has encouraged the group to expand its footprints to new global markets and strengthen retail presence in existing markets such as the USA.
He added that the choice of Dubai as the base for its global expansion reflected investor confidence in the UAE’s business environment and the positive impact of legislative reforms. “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,” said Shamlal.
“This is indeed a historic occasion for us. The UAE has always supported our growth by offering a highly favourable environment for business advancement,” Shamlal said. “All current international operations, including those in the USA and the Far East, will be managed from our new Dubai hub from now on,” he said as he thanked the minister — who had played a significant role in the establishment of the UAE-India Cepa — for his presence at the inauguration.
K.P. Abdul Salam, vice-chairman of Malabar Group, 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 governmet 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.”
Malabar Group, owned by more than 4,000 shareholders, employs more than 17,500 professionals across 26 countries.