Malabar Gold & Diamonds to invest Rs 1,000 cr in Maha

Malabar Gold & Diamonds, the sixth largest jewellery retailer globally with over 330 outlets across 11 countries, will invest Rs 1,000 crore and generate 4,000 jobs in Maharashtra by FY 2024-25. The announcement came during the launch of Malabar National Hub (M-NH) its centralised base of India operations in Mumbai.

The state-of-the-art facility was inaugurated by Devendra Fadnavis, Deputy Chief Minister of Maharashtra in the presence of MP Ahammed, Chairman, Malabar Group, and others. Spread over 50,000 sq ft, M-NH brings under one roof Malabar Gold & Diamonds’ multiple operations such as retail, procurement and supply chain, e-commerce, digital gold, digital marketing and omnichannel operations.

The company has deployed more than 450 employees to run the operations at M-NH. Mumbai being the financial capital of India and a major global jewellery and diamond trading hub, Malabar Gold & Diamonds has set up its base for its national operations in the city to leverage its strategic advantages.

On the occasion, Ahammed said, “As we celebrate 30 glorious years of our journey, the opening of Malabar National Hub is a proud moment and a significant landmark for us. It will further fuel our global growth aspiration and lay the foundation for the next phase of growth.” “The consolidation of all our key functionalities at M-NH will enhance efficiency and streamline management, as we focus on further growing our network of more than 190 retail showrooms across the country. I would like to take the opportunity to thank our loyal customers, shareholders, associates, and employees for their whole-hearted support,” he added.

“The opening of M-NH in Mumbai is a strong testimony to the State’s conducive environment for investment and favourable business ecosystem,” said Devendra Fadnavis. “With the brand’s well-documented tradition of transforming jewellery trade, providing employment opportunities, and championing social causes, I am confident that M-NH will be a key proponent of our State’s development, further enriching our legacy in the global diamond and gold trade.”