Dubai: Malabar Gold and Diamonds plans to open 21 retail stores across the GCC, India and Far East in the next six months with an investment outlay of Dh460m ($125m).
The jewellery retailer is investing Dh223 m in eight stores in the UAE, Dh100m in five outlets in Saudi Arabia, Dh57m in three outlets in Oman and Dh20m in one outlet in Malaysia, a press release said yesterday.
The company will add four more outlets in India at an investment of Dh60 million.
The expansion will see jewellery retailer expand its retail network from 134 to 155. The move also reflects the fastest growth by a jewellery retail chain in the world – emerging from being a small player to being among the top five jewellery retailers worldwide in a decade.
“The current lower gold and commodity prices offer a great opportunity for investors and jewellery buyers. With gold prices remaining low, we see a strong buyer and investor interest for the yellow metal and diamonds,” MP Ahamed, Chairman of Malabar Group, says.
The company is set to open eight outlets in the UAE including a large format ‘jewellery paradise’ that will spread across 12,000 square feet of floor space in Abu Dhabi. This will be the largest jewellery retail outlet in the Middle East showcasing a variety of jewellery catering to a global audience.
The $4bn 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 largest jewellery retailer.
The Peninsula
