MALABAR GOLD & DIAMONDS CONTINUES GLITTER VIA 56 NEW INDIA, OVERSEAS STORES

A newly opened showroom of Malabar Gold & Diamonds, the leading gold and diamond retail chains (Photo: AETOSWire)

KUALA LUMPUR, April 2 (Bernama) -- Malabar Gold & Diamonds, one of the largest gold and diamond retail chains, will open 56 stores in FY 2021-22 at an estimated investment of US$220 million. (US$1 = RM4.138)

According to a statement, 40 stores will be opened in India and the rest in overseas, generating 1,750 new jobs.

In India, the expansion will span Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala, and globally, new outlets will open in Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE.

Twelve new stores are slated to open in Q1 of the fiscal in Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru, and in small towns like Eluru, Mancherial, Solapur and Ahmednagar.

On the other hand, new stores will open at Little India in Singapore; Kuala Lumpur and Penang in Malaysia; Ruwi, Baushar and Al Khoudh in Oman; and, Jeryan Jenaihat and Rawdat in Qatar, among others.

Malabar Group Chairman, MP Ahammed said the new stores would offer an unparalleled customer experience in line with the Malabar Promise of incomparable quality and service assurance.

“The group’s goal is to be the number one jewellery retail brand in the world in terms of showroom numbers and turnover,” he added.

-- BERNAMA