Jewellery retailer plans to open 500 new showrooms by 2025 and employ 11,000 people
To ramp up its “Make in India and “Market to the World” initiative, the jewellery retain chain Malabar Gold & Diamonds has lined up an investment of ₹9,860 crore in India over the next three years.
This was announced jointly by Malabar Group chairman MP Ahammed and Malabar Gold & Diamonds India Operations Managing Director O Asher at an Investors’ Round Table held here.
Union Minister of Commerce & Industry Piyush Goyal and State Industries Minister P Rajeev were present during the occasion.
The jewellery retailer is planning to open 500 new showrooms by 2025. This will create employment opportunities for approximately 11,000 people. MP Ahammed said, “Our goal is to bring more and more jewellery buyers in India focussing on our initiative – Make in India, Market to the World and to generate employment for people across regions.”
The Investors’ Round Table was organised as part of the National Industrial Corridor Development programme. Union Minister of Commerce and Industry Piyush Goyal complimented the company for its efforts in bolstering the Government’s ambitious `Make in India’ programme as well as for creating mass employment opportunities through its expansion plans. He assured the support of the Government for the company’s initiatives.
Currently, Malabar Gold & Diamonds has more than 280 showrooms spread over 10 countries and 14 manufacturing units in five nations. It has 4,092 investors and employs 14,169 management staff.
The company is targeting a total business of ₹45,000 crore during the current financial year. The company has been making use of the services of global technology firms such as Microsoft, IBM, Accenture, E&Y, Deloitte, etc for transforming its business model.