Malabar Gold opens biggest Mideast outlet

Malabar Gold and Diamonds opens Middle East's largest jewellery showroom in Abu Dhabi Hamdan Street. - Photo by Nezar Balout

One of the leading jewellery chain of stores, Malabar Gold and Diamonds, formally opened their Dh100 million new outlet in the capital on Thursday.
The store, which is being dubbed as the biggest store in the Middle East, is located at Hamdan Street in Abu Dhabi, which was formally opened by Bollywood star Kareena Kapoor Khan, on Thursday.
The mega store, which is spread over 10,000 square feet, expects brisk sales as Diwali festivities have already started in a big way. The store showcases over 50,000 pieces of jewellery handcrafted by jewellers from over 10 countries.
One of the master-piece on display will be a 30-kilogramme gold replica of Sheikh Zayed Grand Mosque, worth Dh3.5 million at current price of gold, for people to visit. "Opening of Middle East's largest gold and jewellery showroom in Abu Dhabi reaffirms our strong commitment to the UAE and the GCC where we are a partner in the region's economic growth," Ahammed MP, Chairman of Malabar Group, said.
"The UAE has remained one of the best performing markets - where sales continued to grow amid varying market dynamics that reaffirmed our commitment to this market. Our continued investment in the UAE market reflects our strong belief in the country's resilience.
"The growth story of Malabar Gold and Diamonds will continue regardless of the market situation where ups and downs are part of the business. However, we are here for the long haul and share the UAE government's vision." Of the total, Malabar Gold and Diamonds is investing Dh223 million in eight stores in the UAE, Dh100 million in five outlets in Saudi Arabia, Dh57 million in three outlets in Oman and Dh20 million in one outlet in Malaysia.
In addition to these, the company will add five more outlets in India.The expansion will see the largest gold and diamond jewellery retailer expand its retail network from 134 to 155 - reinforcing its position as the most preferred jeweller in the world. Malabar Gold and Diamonds, which started its international operations in Dubai just under ten years ago, has recorded phenomenal growth in gold and diamond jewellery sale despite the fluctuating gold price in the market.
Malabar Gold and Diamonds opened the largest jewellery outlet in Dubai at the Gold Souq in Deira, Dubai last year - the success of which has prompted the company to set up a similar facility in Abu Dhabi. Shamlal Ahamed, managing director of Malabar Gold and Diamonds International Operations, said, the company has an aggressive development plan that will spread its wings in new markets while strengthening its presence in the key growth markets such as India, the UAE and Saudi Arabia.
"Despite lower market sentiments due to global slowdown, the UAE market has shown strong sales across our networks," Shamlal Ahamed, who spearheaded the company's international expansion, said.
"We will continue to invest in the Middle East and other key market, despite the market fluctuations. The move is part of the Dh2.5 billion expansion drive announced by Malabar Gold and Diamonds in 2013 - that is expected to more than double the number of its outlets to 220 by the end of 2018."
- haseeb@khaleejtimes.com