Malabar Gold to open eight UAE stores for Dh223m

Malabar Gold and Diamonds has recorded good growth in gold and diamond jewellery sales despite fluctuating gold prices.

Malabar Gold and Diamonds will open 21 retail stores across the GCC, India and Far East in the next six months with an investment outlay of Dh460 million ($125 million).
Of the total, Malabar Gold and Diamonds will invest 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.
The company will add four more outlets in India at an investment of Dh60 million. The expansion will see the gold and diamond jewellery retailer expand its retail network from 134 to 155.
Malabar Gold and Diamonds has recorded good growth in gold and diamond jewellery sales despite fluctuating gold prices.
"The current lower gold and commodity prices offer a great opportunity for investors and jewellery buyers. We see strong buyer and investor interest for the yellow metal and diamonds," M.P. Ahamed, chairman of Malabar Group, said. "Our next phase of expansion is aimed at offering a better value to our customers as well as a wider option to investors who are looking at higher returns."
The company is set to open eight outlets in the UAE, including a large format 'jewellery paradise' that will be spread across 12,000 square feet of floor space in Abu Dhabi. This will be the largest jewellery retail outlet in the Middle East.
The move is part of the $700 million (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.
The $4 billion annual turnover will place Malabar Gold along the likes of Tiffany and Company, the world's second largest jewellery retailer, and after Chow Tai Fook - the Hong Kong-based jewellery retailer.
Malabar Gold and Diamonds had opened a large format 'jewellery paradise' at the Gold Souq in Deira last year. This was the largest jewellery retail outlet in Dubai.
- abdulbasit@khaleejtimes.com