Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country, launched the construction of Malabar Gems and Jewelry Manufacturing unit in Telangana with a foundation stone laying ceremony. The facility is set to become the largest jewelry manufacturing unit of the group.
Located at General Park, Maheshwaram in Rangareddy District and spread over 3.7 acres, the manufacturing facility is slated to be operational soon. It will have the capacity to manufacture 10 tonnes of gold jewelry and 1.5 lakh carats of diamond jewelry annually. It will also house a state-of-the-art gold refinery facility with an annual gold refining capacity of 180 tonnes. The manufacturing facility will roll out a diverse range of jewelry including gold, diamonds, precious gemstones, platinum, and uncut diamonds. The facility is equipped with CNC machining, the latest technology-enabled chain-making machines, and laser-cut machines in collaboration with industry experts from Italy, the USA, and Germany. The establishment of the facility is in line with the expansion plan announced earlier as part of its FY 2022-23 strategy.
The General Park manufacturing facility which will be built on a 2.3 lakh sq ft area will have a full-fledged skill development center, design studio, and R&D center along with accommodation facilities for the employees. It will also have an automated warehousing facility. The facility will have 33 percent green space provision and will adhere to environmentally sustainable norms with a focus on limiting carbon footprint.
Malabar Gold and Diamonds will invest Rs 750 crore to set up the manufacturing facility and a refinery in Telangana. The facility is expected to generate about 2750 jobs. Malabar Gold has 17 retail showrooms in Telangana employing more than 1000 people. The company has plans to further expand its retail presence in Telangana.
The General Park facility will majorly support the domestic and global expansion plans of the group. Malabar Gold and Diamonds has plans to launch 97 showrooms - 60 across India and 37 overseas in FY23. The goal is to take the showroom tally to 373 by March 2023 with a robust presence in 13 countries. The expansion plan is in line with Malabar Gold and Diamonds’ aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs 75,000 crore by FY25.
Ahammed MP, Chairman, Malabar Group, said, "The soon-to-be operational manufacturing unit in Telangana will further strengthen our manufacturing capabilities apart from our retail expansion drive. We are grateful to the Government of Telangana for extending all possible support in quick succession to help us set up the manufacturing unit in Maheshwaram. We are also thankful for their august presence during the foundation stone laying ceremony. We have a major investment plan lined up for the state. The manufacturing unit in the state will further bolster our mission –“Make in India, Market to the World."
Malabar Gold and Diamonds presently has more than 280 showrooms spanning 10 countries - India, the GCC (the UAE, Kuwait, Bahrain, Oman, Qatar, and Saudi Arabia), Malaysia, Singapore, and the US. Despite being a privately held company, Malabar Gold and Diamonds has a large investor base of over 4,000 and of them, over 400 are its own employees. Malabar Gold and Diamonds have 5 manufacturing units in Qatar, Dubai, Sharjah, and Bahrain and 9 in India and the locations of those units are Mumbai, Kolkata, Hyderabad, Bengaluru, Coimbatore, Kozhikode, and Thrissur.
Malabar Group has also recently forayed into the responsibly sourced gold bullion trade and its gold bars are available for jewelry manufacturers, small gold traders, and retail investors desiring to invest in physical gold for purchase. It has launched ‘One India One Gold Rate’ to offer gold jewelry at a uniform price across the country.
Apart from being a successful business entity, Malabar group has always been at the forefront of social responsibility initiatives from its inception and has a stated policy of earmarking 5 percent of its annual profit for activities that benefit society. Today, the focus areas of these ESG activities are in the fields of health, education, housing, environmental conservation, and women empowerment.