Indian jewellery Malabar Gold & Diamonds to expand retail network

11 September 2012 (Last Updated September 11th, 2012 00:49)

Jewellery retailer Malabar Gold & Diamonds plans to increase its store count to 220 from 70 with an investment of INR50bn ($903.41m) in the next four years.

Jewellery retailer Malabar Gold & Diamonds plans to increase its store count to 220 from the current 70 with an investment of INR50bn ($903.41m) in the next four years.

Malabar Gold & Diamonds chairman MP Ahammed told Indiaretailing.com that the company was expanding across India and GCC countries.

As part of the expansion, the chain will set up outlets in Far East countries including Indonesia, Malaysia, Thailand, Singapore, China, in addition to the US and the UK.

By 2013, the group intends to open 22 outlets in GCC countries.

Also, the jewelry retailer plans to open 30 new outlets in India by 2015. Under the domestic expansion, Malabar will set up outlets in Delhi, Mumbai, Ahmedabad, Punjab, and Haryana.

The first 20 outlets are scheduled to be opened in 2012, with an investment of INR5bn ($90.34m), reported Indiaretailing.com.

The stores will be located in Thanjavur, Dharmapuri, Hosur, and Ramanathapuram in the Indian state of Tamil Nadu. It also aims to add two showrooms in Chennai in Velacheri and Vadapalani in 2012.

Further, the company will open showrooms in Vellore, Kumbakonam, Tirunelveli, Nagercoil, Trichy, Tuticorin, Tiruvannamalai, and Pondicherry in 2013.

Malabar Gold & Diamonds currently has four showrooms in Tamil Nadu in Chennai, Coimbatore, Erode, and Salem.

Recently, the Indian retailer has opened new outlets in Madurai, Tamil Nadu.

Malabar Gold and Diamonds is a part of Malabar Group of Companies. It currently has outlets in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Delhi and GCC countries with 10 supply chain centres.