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Malabar Gold & Diamonds Will Begin Building A Manufacturing Facility In Telangana

Mumbai (Maharashtra), Oct. 15 (ANI/NewsVoir): Malabar Gold & Diamonds, one of the country's major gold and diamond retail chains, laid the foundation stone for the Malabar Gems & Jewellery Manufacturing plant in Telangana.

Jayesh Ranjan, IAS, Principal Secretary, Industries, Commerce, and Information Technology (IT), Government of Telangana, and Ahammed M P, Chairman, Malabar Group of Companies, Abdul Salam KP, Vice Chairman, Malabar Group of Companies, O Asher, Managing Director, India Operations, Malabar Gold & Diamonds, and Nishad AK, Group Executive Director, Manufacturing & B2B, Malabar Group of Companies attended the ceremony. P.K. Siraj, Malabar Gold & Diamonds Retail Operations Head (Rest of India), and other prominent visitors

The manufacturing plant, which spans 3.7 acres and is located at General Park, Maheshwaram in Rangareddy District, is set to open shortly. It would be able to produce 10 tonnes of gold jewellery and 1.5 lakh carats of diamond jewellery every year. It will also contain a cutting-edge gold refinery with a capacity of 180 tonnes of gold refining per year.

The plant will produce a wide range of jewellery, including gold, diamonds, valuable gemstones, platinum, and uncut diamonds. In conjunction with industry specialists from Italy, the United States, and Germany, the facility is outfitted with CNC machining, cutting-edge technology-enabled chain-making equipment, and laser cut machines. The facility's construction is in keeping with the company's previously declared expansion plans for fiscal year 2022-23.

The General Park manufacturing complex, which will be developed on 2.3 lakh square feet of land, would include a full-fledged skill development centre, design studio, and R&D centre, as well as staff housing. It will also have an automated warehouse. The site will feature 33% green area and will conform to ecologically friendly standards, with an emphasis on reducing carbon footprint.

Malabar Gold & Diamonds would invest Rs 750 crore in Telangana to build a manufacturing facility and a refinery. The facility is estimated to provide around 2750 jobs. In keeping with the brand's stance as a responsible jeweller, the facility has been created to offer staff with safe and enjoyable working circumstances. Malabar Gold employs around 1000 workers across 17 retail outlets in Telangana. The firm intends to grow its retail footprint in Telangana.

The General Park site will be critical to the group's local and worldwide expansion plans. In FY23, Malabar Gold & Diamonds intends to open 97 shops, 60 in India and 37 abroad. The objective is to have 373 showrooms by March 2023, with a strong presence in 13 countries. The expansion strategy aligns with Malabar Gold & Diamonds' goal of being the world's largest retailer by FY25, with a 2.5-fold increase in revenue to over Rs 75,000 crore.

Malabar Group Chairman Ahammed MP remarked at the foundation stone laying event, "The soon-to-be operational manufacturing plant in Telangana will further boost our production capabilities, in addition to our retail growth strategy." We are grateful to the Telangana government for providing all feasible assistance in establishing the manufacturing plant at Maheshwaram. We also appreciate their dignified participation at the foundation stone laying event. We have a substantial investment plan in place for the state. The state manufacturing facility will help us pursue our aim of "Make in India, Market to the World."

Malabar Gold & Diamonds now has over 280 showrooms in ten countries, including India, the GCC (the UAE, Kuwait, Bahrain, Oman, Qatar, and Saudi Arabia), Malaysia, Singapore, and the United States. Expansion is underway to Australia, the United Kingdom, Bangladesh, Egypt, South Africa, and Canada. Despite the fact that it is a privately held firm, Malabar Gold & Diamonds has a big investor base of over 4,000, with over 400 of them being its own workers. Malabar Gold & Diamonds has five production facilities in Qatar, Dubai, Sharjah, and Bahrain, as well as nine in India, including Mumbai, Kolkata, Hyderabad, Bengaluru, Coimbatore, Kozhikode, and Thrissur.

Malabar Group has also just entered the ethically sourced gold bullion trade, with its gold bars available for purchase by jewellery producers, small gold merchants, and retail investors looking to invest in physical gold. It has established 'One India One Gold Rate' in order to provide gold jewellery at a consistent price across the country.

Apart from being a successful corporation, the Malabar Group has always been at the forefront of social responsibility projects from its founding, with a declared objective of allocating 5% of its yearly profit to activities that help society. Currently, the focus of these ESG efforts is on health, education, housing, environmental protection, and women's empowerment.