Mumbai (Maharashtra) [India], March 24 (ANI/NewsVoir): Malabar Gold & Diamonds, the 6th largest jewellery retailer globally with an extensive retail network of over 310 outlets across 10 countries in India, the GCC, Far East and the USA, has unveiled their brand-new global base of international operations, the Malabar International Hub (M-IH) at Dubai Gold Souq in Deira, Dubai. M-IH was inaugurated by His Excellency Abdulla Bin Touq Al Marri, Cabinet member and UAE minister of economy on the 22nd of March. The inauguration was conducted in the presence of Chairman, directors, Government officials, distinguished guests, well-wishers, and management team members of Malabar Gold & Diamonds.
Celebrating its 30th year anniversary, the opening of M-IH marks a momentous landmark for Malabar Gold & Diamonds, which began their international operations in 2008 from the UAE.
The 28,000 sq. ft. LEED Gold Certified hub, that is located in the heart of Dubai's gold district has been designed to be the epicenter of the brand's current and future business aspirations. Spread across 4 floors, houses all functions, from a global centralised supply chain to all enabling and supporting functions for existing operations in GCC, USA, Singapore, Malaysia; and set the foundation for the growth aspirations of the group to continue its ambitious expansion plans into countries such as the UK, Australia, Canada, Turkey, Bangladesh, New Zealand and many more.
All supporting and enabling functionalities of the company's international operations, which was previously decentralized and carried out in each country of operations, has now been brought under a single roof to further streamline the process and increase the overall efficiency of the company's management. The decision by Malabar Gold & Diamonds to setup their global base in the UAE, comes under the wake of CEPA (Common Economic Partnership Agreement) signing between India and the UAE, a move which opened the gates to a more fruitful and collaborative commercial pathway between the two countries. It is the opportunities presented to the brand by the signing of CEPA that directly led to the concept of the M-IH.
Malabar Gold & Diamonds opting to base their entire international operations out of the UAE highlights the prestigious position of the UAE as one of the most preferred trade destinations for global companies. The new economic models of the UAE along with legislative reforms that the country executed has succeeded in creating a highly conducive business environment for investors, attracting and encouraging new businesses as well promoting existing ones.
The gold sector in the UAE accounted for 32 per cent of the UAE's total non-oil exports in 2022, cementing the country's position as a global hub for gold and precious metal trading. Moreover, the UAE accounts for 8.2 per cent of total global gold exports today, ranking third behind Switzerland and U.K in 2021. In terms of exports and imports of gold, the UAE's total exports of gold and its products amounted to AED 135 billion, while the country's imports of gold and its products totaled nearly AED 274 billion. The UAE's total trade in gold and gold products, including re-exports, grew by 17 per cent to reach AED 451 billion in 2022.
The Chairman of Malabar Group, M.P Ahammed commented, "With the establishment of M-IH in Dubai, Malabar Gold & Diamonds has taken one step closer to our dream of being the biggest jewellery retailer in the world. The new facility is all set to be the stepping stone of our Vision 2030 goal of scaling up our operations to conquer new markets and strengthen our presence in existing markets. As we celebrate 30 years of providing exemplary jewellery shopping experience to our loyal customers across the world, our dedication towards quality, perfection and service has propelled us to the position of world's most trusted jewellery retailer. I would like to take this opportunity to express my immense gratitude to our stakeholders - customers, employees, associates, shareholders, and authorities who stood with us through thick and thin and contributed towards propelling the brand to new heights."
Speaking on the occasion, Shamlal Ahamed, Managing Director-International operations, Malabar Gold & Diamonds said, "The launch of Malabar International Hub is indeed a historic occasion for Malabar Gold & Diamonds. It is also a moment of added pride and joy that this inauguration coincided with our brand's 30th anniversary. It has always been our experience that the UAE provides one of the best ecosystems for a business to flourish and this has only been strengthened manifold by the signing of CEPA between India and the UAE. The removal of import duty through the CEPA will help us in using that to add new international markets as well as improve our retail presence in current markets such as the US. With the opening of our new global base in the UAE, all our existing international operations including the US and Far East will be managed from Dubai. Considering the instrumental role that our chief guest, HE Abdulla Bin Touq Al Marri and his team played in getting the historic agreement implemented, it was both a symbolic and auspicious gesture to have him open the doors of our new global hub for us."
"The state-of-the-art facility has been designed considering the needs and requirements of all the various elements that keep our operations afloat, with special consideration given to the comfort of our employees. We earnestly look forward to closely working with the UAE government and other key stakeholders to further our reach in the international jewellery trade and thereby be a key partner in enhancing Dubai's status as the City of Gold," said Abdul Salam K.P, Vice Chairman of Malabar Group.
In strict adherence to Malabar Gold & Diamonds' commitment towards ESG (Environmental, Social & Governance) guidelines, various environmental and sustainable initiatives have been incorporated in the building's designs and the facility is in the process of getting its LEED GOLD certification.
Malabar Gold & Diamonds was established in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.
With an annual turnover of USD 4.1 billion, the company currently ranks as the 6th largest jewellery retailer globally and today has a strong retail network of over 310 outlets spread across 10 countries in addition to multiple offices, design centers, wholesale units and factories spread across India, Middle East, Far East & USA. The group, owned by more than 4,000 shareholders, has more than 17,500 professionals from over 26 countries working towards its continued success. Malabar Gold & Diamonds also features an online store www.malabargoldanddiamonds.com providing customers the opportunity to purchase their favorite jewelry at any time and on any day from the comfort of their homes.
The group also operates MGD - Lifestyle Jewellery, a retail concept offering trendy and light weight jewellery that represents the independent and the modern woman through its designs and collections.
CSR has been the primary commitment of the group since its inception; integrating ESG (Environmental, Social & Governance) principles into the core business. The key CSR focus areas of Malabar Group are Health, Education, Women Empowerment, Housing, Hunger Free World and the Environment. The ESG goals of the organization are periodically strengthened by integrating responsibility and sustainability to remain a socially conscious and responsible organization. The group contributes 5 per cent of its profit to such initiatives in the same country of operation.
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