Jewelry Retailer Prepares to Enter New Markets
Abdullah bin Touq Al Marri, UAE Minister of Economy, inaugurated the center in the presence of senior officials. – Photos provided
Malabar Gold & Diamonds opened its international center at the Dubai Gold Souk on Wednesday, as the world’s sixth-largest gold jewelery retailer prepares to foray into the new market, aiming to reach AED10 billion in annual revenue from its global operations by 2024.
Abdullah bin Touq Al Marri, UAE Minister of Economy, witnessed the opening of the 28,000-square-foot, four-story international headquarters.
MP Ahammed, chairman of the $5.2 billion Malabar Group, said the landmark opening of the international center brought the company closer to its vision of becoming the world’s largest gold jewelery retailer. Currently, the jewelery group’s retail network has more than 310 stores in 10 markets in India, the GCC, the Far East and the US.
“In less than 30 years, our commitment to the highest standards of quality, precision and customer service has established us as one of the industry’s leading names,” said Ahammed.
Following the signing of the landmark UAE-India Cepa (Comprehensive Economic Partnership Agreement), the removal of jewelery import duties has encouraged the group to expand its footprint into new global markets, said Shamlal Ahamed MP, managing director of international business at Malabar Gold & Diamonds Strengthen retail operations in existing markets such as the US.
He added that choosing Dubai as a base for its global expansion reflects investors’ confidence in the UAE’s business environment and the positive impact of legislative reforms. “The UAE is a leading global center for gold and precious metals trading, with its vibrant gold industry accounting for 32% of total non-oil exports in 2022. Furthermore, the country accounts for 8.2% of total global gold exports, ranking second only to Switzerland by 2021 and the UK, at number three,” Shamlal said.
“This is indeed a historic moment for us. The UAE has always supported our growth by providing a very conducive environment for business development,” Shamlal said. “From now on, all current international operations, including those in the United States and the Far East, will be managed from our new Dubai hub,” he said, thanking the minister who was instrumental in the establishment of the UAE. India Cepa – for his attendance at the inauguration.
Malabar Group vice-chairman KP Abdul Salam said the international center will help accelerate the retail network’s efforts to achieve AED10 billion in annual revenue in the next 12 to 18 months. “We look forward to working closely with the UAE government and other key stakeholders in the ecosystem to support our expansion into additional global markets, while also contributing to strengthening Dubai’s position as the City of Gold.”
Malabar Group is owned by more than 4,000 shareholders and employs more than 17,500 professionals in 26 countries.