Malabar Gold and Diamonds will invest Dh223 million to open eight new stores in the UAE, as part of a broader expansion plan involving 21 new outlets across the GCC, India, and Malaysia. This investment is part of a total expansion budget of Dh460 million ($125 million).
In addition to the UAE, Malabar Gold will invest Dh100 million in five stores in Saudi Arabia, Dh57 million in three stores in Oman, and Dh20 million in a single store in Malaysia.
The company will also invest Dh60 million to open four more outlets in India, increasing its total number of stores from 134 to 155.
The expansion includes the opening of a 12,000-square-foot ‘jewellery paradise’ in Abu Dhabi, which will be the largest jewellery retail outlet in the Middle East.
This move is part of Malabar Gold’s $700 million (Dh2.5 billion) expansion plan announced in 2013, which aims to more than double the company’s outlets to 220 by the end of 2018.
Despite fluctuations in gold prices, Malabar Gold has reported strong growth in gold and diamond jewellery sales. Chairman M.P. Ahamed highlighted the current lower gold prices as an opportunity for investors and buyers, emphasizing that the expansion aims to provide greater value and options for customers and investors alike.
Malabar Gold’s annual turnover of $4 billion positions it among the world’s leading jewellery retailers, including Tiffany & Co. and Chow Tai Fook.
