Jewellery retailer Malabar Gold and Diamonds, which has a number of outlets in Qatar, has announced that it will open 21 retail stores across the GCC and other regions over the next six months with an investment outlay of $125mn.
The expansion will see the jeweller expand its retail network from 134 to 155.
The new retail stores will be opened in the UAE (eight), Saudi Arabia (five), India (four), Oman (three) and Malaysia (one).
The move is part of the $700mn expansion drive announced by Malabar Gold and Diamonds in 2013. It is expected to raise the number of outlets to 220 by the end of 2018, the statement notes.
“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 within the span of just a decade,” according to a statement. “The $4bn annual turnover will place Malabar Gold along the likes of Tiffany & Co, the world’s second largest jewellery retailer, and after Chow Tai Fook, the Hong Kong-based largest
jewellery retailer.”
M P Ahamed, chairman of Malabar Group, said: “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.”