Malabar Gold & Diamonds, the world’s sixth-largest jewelry group, has achieved a landmark annual global turnover of Rs 51,218 Crore Indian Rupees in the last financial year, marking a significant milestone in its journey. This remarkable growth underscores Malabar Gold & Diamonds’ rapid ascent as a trusted jewelry brand worldwide, ranking 19th in Deloitte’s Global Ranking of Luxury Products.
Strategic Expansion Drives Success
In just three decades, Malabar Gold & Diamonds, headquartered in Kerala, India, has garnered unprecedented success in the global jewelry industry. The brand’s strategic retail expansion plan spans India and overseas markets, aiming to strengthen its position as a global leader. The company’s commitment to expanding its retail presence is evident in its aggressive strategy to open 100 new stores within the next year, targeting new markets in New Zealand, Egypt, Bangladesh, and additional locations across Europe.
Enhancing Global and Domestic Presence
Malabar Gold & Diamonds operates 345 stores across 13 countries. It plans to strengthen its presence in key markets like the US, Canada, UK, and Australia. This expansion aims to cater to a growing international customer base. It also enhances the brand’s foothold in existing markets. This ensures a broader global reach and increased brand recognition.
Workforce and Cultural Diversity
As part of its expansion strategy, Malabar Gold & Diamonds plans to hire an additional 7,000 employees. This will increase its total workforce to 28,000. Currently, 21,000 employees from 26 different countries contribute to a dynamic and inclusive work culture. They speak various languages, reflecting the diverse markets Malabar serves.
Commitment to Innovation and Quality
Malabar Gold & Diamonds continues to invest in its state-of-the-art design studio, training centre, and research and development department. These investments are aimed at maintaining the high standards of craftsmanship and innovation that the brand is known for. Additionally, the company leverages the expertise of globally renowned consulting firms such as Ernst & Young, Deloitte, Accenture, and IBM to stay at the forefront of industry trends and best practices.
Also read: Sustainable Retail Practices: The Demand for Ethical Consumerism
Sourcing Ethics and Sustainability
A cornerstone of Malabar’s business philosophy is its commitment to sustainability and ethical practices. The company sources gold and diamonds exclusively from responsible mining operations and legitimate suppliers, ensuring the purity and ethical provenance of their jewelry. This commitment extends to all aspects of their operations, from sourcing to manufacturing to retail.
Social Responsibility and Community Engagement
Malabar Gold & Diamonds is deeply committed to corporate social responsibility. The company allocates five percent of its profits to CSR activities focused on health, education, environment, housing, and women empowerment. Notable initiatives include the “Hunger Free World” project and the “Grandma Home” project, which aim to provide essential services and support to disadvantaged communities.
With a customer base exceeding 15 million across 100 countries, Malabar Gold & Diamonds is poised for even greater success in the coming years. The company’s strategic initiatives and commitment to quality, ethics, and social responsibility are likely to continue driving its growth, making it a model for other businesses in the luxury sector.
