To open 97 showrooms this fiscal; eyes total revenue of Rs 45,000 Cr this year

Media Release

Bengaluru, Apr 19: Malabar Gold & Diamonds, one of the frontline jewellery retail chains in the world, has reported a turnover of Rs 30,000 crore for the fiscal year 2021-22, a growth of approximately 35% compared to the previous year’s business. Malabar Gold & Diamonds is eyeing a turnover of Rs 45,000 crore during the current fiscal. Products that suit the tastes of consumers, opening of the new showrooms worldwide, `One India, One Gold Rate’ program and `Fair Price Policy’ together helped the company to achieve this remarkable goal. The company disclosed these details during the annual general meeting of its stakeholders held here recently. Ensuring cent percent transparency in all transactions also helped the jewellery retailer to achieve this coveted goal. 

The company opened 31 new showrooms last year alone, helping it reach more customers in the global marketplace. It created history by opening 22 showrooms across the world in January to welcome the New Year 2022. Currently, it has 276 showrooms spread over 10 countries besides 14 ornament making factories in five countries. The company follows a cent per cent tax compliance in all the countries it operates. In 2021-22, the company paid a gross tax of Rs 520 crore in India alone.

“Putting customers’ choices at the heart of our product designing has helped the company achieve this rare feat even during an otherwise difficult year”, said MP Ahammed, Chairman, Malabar Group. “Through our conscious policies, we were able to gain the confidence of customers across the world. We are only selling hallmarked gold in all the markets we’re present in during the past two decades. We follow the policy of `Make in India, Market to the World’. Also, tax compliance and transparency are the hallmarks of our business model. We ensure transparency across the value chain in our business. This helps us to earn the sobriquet of `Responsible Jeweller’ across the markets we operate. We surge forward on the back of our customers’ dedication and loyalty”, he added.

The confidence of 4,092 investors and 14,169 staff members is the bedrock of Malabar Gold & Diamonds. Among the investors, 409 works with the company. The Group has also diversified into real estate and related businesses.

The company has chalked out an ambitious plan for growth for the current fiscal. The company will open 97 new showrooms as part of this plan; 60 in India and the rest abroad. This will take the company’s total showroom count to 373 by the end of March 2023. By the end of this financial year, the company will have a strong presence in 13 nations. 

The company, already a large employer in the country, is planning to hire over 6,000 more employees during the current fiscal. 90 percent of this new recruitment will be in India. The company is planning to ramp up its manufacturing capabilities by 80 per cent during the current fiscal. It plans to hire over 1,400 artisans and related staff through the process. The company has been making use of the services of global technology giants like Microsoft, IBM, Accenture, IBM, E&Y, Deloitte etc., for transforming its business model. 

The company is a firm believer in Environment, Social and Governance (ESG) standards and benchmarks all its investments directed to achieve these goals. To back its ESG initiatives, the company commits 5% of its profit annually to achieve various socially responsible goals. As part of its ESG initiatives, the company has also rolled out varied programs to bring marginalized people into the mainstream community. 

An amount of Rs 237 crore has already been spent on various welfare schemes. The projects are being implemented in the areas of health, housing, women empowerment, education and environmental protection. The Group has decided to spend Rs 100 crore on various social welfare schemes during the current financial year. Priority will be given to setting up old age homes in different parts of the country to the aged and isolated and to provide education to the girl child. All activities as part of the social commitment are carried out under the auspices of the Malabar Charitable Trust.