Facility to mint 10 tonnes gold and cut-polish 1.5 lakh carats of diamond jewelleries annually
Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, is building a Rs.750 crore manufacturing unit in Telangana while continuing business expansion in Australia, the UK, Bangladesh, Egypt, South Africa and Canada.
The facility is in line with the expansion plan announced earlier as part of its FY 2022-23 strategy.
Expansion is in progress in Australia, the UK, Bangladesh, Egypt, South Africa and Canada, said the jewellers on 15 Oct 2022.
Malabar Gold & 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.
Located at General Park, Maheshwaram in Rangareddy District and spread over 3.7 acre, the manufacturing facility is slated to be operational soon. It will have the capacity to manufacture 10 tonnes gold and cut-polish 1.5 lakh carats of diamond jewelleries annually.
It will also house a state-of-the-art gold refinery facility with an annual capacity of 180 tonnes.
The facility will manufacture a diverse range of luxury products such as gold, diamonds, precious gemstones, platinum and uncut diamonds.
The facility is equipped with CNC machining, latest technology-enabled chain making machines and laser cut machines in collaboration with industry experts from Italy, the US and Germany.
The General Park manufacturing facility will have a full-fledged skill development centre, design studio and R&D centre along with accommodation facility for employees.
It will also have an automated warehousing facility. The facility will have 33% green space provision and will adhere to environmentally sustainable norms with a focus on limiting carbon footprint.
Malabar Gold has 17 retail showrooms in Telangana, employing more than 1,000 people. The company plans to further expand its retail presence in Telangana.
The goal is to take the showroom tally to 373 by March 2023 with a robust presence in 13 countries. Malabar Gold & Diamonds has plans to launch 97 showrooms – 60 across India and 37 overseas in FY23.
The expansion plan is in line with Malabar Gold & 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.
Commenting on the foundation stone laying ceremony, Malabar Group Chairman Ahammed MP, said, “The soon-to-be operational manufacturing unit in Telangana will further strengthen our manufacturing capabilities apart from our retail expansion drive.
“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.”
Despite being a privately held company, Malabar Gold & Diamonds has a large investor base of over 4,000, including over 400 employees.
Malabar Gold & Diamonds has 5 manufacturing units in Qatar, Dubai, Sharjah and Bahrain as well as 9 in Mumbai, Kolkata, Hyderabad, Bengaluru, Coimbatore, Kozhikode and Thrissur.
Malabar Group has also recently forayed into responsibly sourced gold bullion trade and its gold bars are available for jewellery 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 jewellery at a uniform price across the country.
Apart from being a successful business entity, Malabar group has always been in the forefront of social responsibility initiatives from its inception and has a stated policy of earmarking 5% of its annual profit for activities that benefit society.
“Today, the focus areas of these ESG activities is in the fields of health, education, housing, environmental conservation and women empowerment,” said the company. fiinews.com
