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Malabar Gold & Diamonds opens 114th showroom in Singapore; on target to open 125 outlets by June
April 22, 2014, 10:08 am
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Malabar Gold & Diamonds, the leading jewelry retailer opened their 114th showroom in Singapore's Serangoon Road, on 18 April, 2014. The showroom was inaugurated by Gopinath Pillai, Ambassador-at-large, Ministry of Foreign Affairs – Singapore, in the presence of T. Raja Segar, Chief Executive Officer - SINDA, Shamlal Ahmed, Managing Director – International Operations, Malabar Gold & Diamonds, as well as other Directors and Branch Heads of the company along with media personalities and well-wishers.

The Serangoon Road outlet is the second showroom of Malabar Gold & Diamonds in Singapore and features intricately designed international collection of classic, contemporary and quality jewelry crafted in gold, diamond and platinum. This outlet will also take part in the ‘Great Gold Rush’ which is a unique campaign of Malabar Gold & Diamonds.

Malabar Gold & Diamonds, one of the largest gold and diamond jewelry retailers in the world, is opening 11 more outlets in the GCC and Far East with the aim of raising the number of their retail outlets to more than 125 by June.

This is part of the company’s ambitious plans announced last year to increase the number of their outlets to 224 by the end of 2015. The on-going expansion makes Malabar Gold and Diamonds the fastest growing jewelery retailer in the world.

With an average investment of Dh20 million per outlet – including investment in setting up of an outlet and the running cost with gold and diamond stocks – this translates to Dh200 million investment in the immediate future.

“We are very much on track to reach our target of opening 224 retail outlets by 2015, which we announced in 2013, as part of our 20th anniversary celebration of Malabar Gold and Diamonds. This will make us the largest gold and diamond jewellery retailer in the world,” said M.P. Ahamed, Chairman of Malabar Gold & Diamonds.

“In essence, we are doubling our retail network within a very short time that requires a large pool of resources. Such a huge expansion also requires a long-term commitment to the market where we operate. We are fortunate to be operating in some of the highest growth jewelry markets in the world and proud to be playing our role in contributing to the economies of the Gulf, India and Far East,” he added.

Malabar Gold & Diamonds has also launched a major expansion program in the Far East where it will add 11 retail stores across Singapore, Malaysia and Indonesia. The company currently operates a single-store retail operation in Singapore that also looks after its gold and diamond trading business in the Far East.

“The Far East is a very dynamic market where jewelry consumption is growing as more and more working women prefer fashion jewelry. Our expansion – the largest ever by a Middle East and India-based gold and diamond retailer into the Far East – will help us to offer a better alternative to the consumers of Malaysia, Indonesia and Singapore,” said the chairman.

According to the latest statistics released by the World Gold Council, demand for gold bar and coin jumped 36 percent in Indonesia, 38 percent in China and 75 percent in Thailand.

“Across the world there were large increases in consumer appetite for gold in both emerging and developed markets. Demand in Turkey was up 60 percent, and the US up 18 percent," World Gold Council said.

Shamlal Ahamed, Managing Director of Malabar Gold & Diamonds - International Operations, said, “The on-going expansion will raise our profile and take the company to the next level of growth to make it one of the world’s largest gold and diamond jewelry retailers in the world by the end of next year.

“With the retail expansion, we will have the fast mover advantage in the Far East’s growing market. Our operations in the Far East will also help meet the growing demand in China – which is competing with India to become the largest jewelry market in the world.”

Besides the rapid expansion of Malabar Gold & Diamonds, the company is also expanding the international presence of their two different concepts stores — 'Jawhara' targeting the Arab clientele and 'Pink Chic' targeting the young and trendy.

Established in 1993, Malabar Gold & Diamonds have a wealth of experience in serving discerning customers for over two decades. The company, which excels in quality products and services, has more than 7,500 professionals on its payroll.

It is the consistent efforts by their management to deliver more than what they promise that led to their success. Commitment to customer satisfaction, unique designs and value for money are some of the factors that set them apart from their competitors.

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