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Malabar Gold to open 22 new showrooms |
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COIMBATORE: Malabar Gold & Diamonds, the flagship company of Malabar Group, with a network of 135 retail stores, said that it is adding 22 new showrooms in India, GCC (Gulf Co-operation Council) countries, and Far East, within the next six months. The expansion is part of the 22nd anniversary celebrations of the company.
"We have seen a greater appetite among consumers in India and abroad, who continued to throng our outlets for more gold and diamond jewellery this festive season," said MP Ahammed, chairman, Malabar Group.
"There is a strong buyer and investor interest for the yellow metal and diamonds in the retail market as the prices remain low," he said.
Malabar Gold & Diamonds has an ambitious plan to take the number of retail stores to 300 by 2020. To support the retail growth, the company is increasing its manufacturing capacity at the KINFRA Industrial Park in Kerala, and the industrial parks in West Bengal, Gujarat and Andhra Pradesh. All manufacturing facilities will have advanced systems and technology to increase productivity.
The company, which has an annual turnover of Rs 26,000 crore now, is in the process of building an advanced gold manufacturing unit that would come up on five acres in Dubai in association with UAE government. In 2015-16, the company is planning to export gold jewellery to the tune of Rs 2,000 crore.
Malabar Gold & Diamonds produces 12,000 kilograms of gold per annum from its units in Kerala, Tamil Nadu, Karnataka, Telangana, and Maharashtra, Qatar, Sharjah in the UAE and Saudi Arabia.
"The expansion in manufacturing would generate new jobs for about 5,000 skilled workers. We will be able to support more artisan families and promote employment, in line with Prime Minister's 'Make in India' initiative," Ahammed said.
Source : timesofindia.indiatimes.com
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