Malabar Gold & Diamonds to invest Dh223 million in expansion

Leading jewellery retail company - Malabar Gold & Diamonds plans to expand its footprint with 21 retail stores - in the GCC, India and Far East markets, within the next six months, reports say. The expansion would entail an investment worth Dh460 million, of which Dh223 million would be invested in eight stores in the UAE, Dh100 million for the Saudi Arabian market with five outlets in and three outlets to open in Oman with an investment worth Dh57 million. One outlet with an investment of Dh20 million will be opened in Malaysia, reports add. Four outlets entailing costs worth Dh60 million are planned to be opened in India, as per reports.

The company noted that the low gold and diamond prices are encouraging for the expansion and would help attract jewellery lovers and investors. This expansion would focus on creating and offering better value to customers and better investment opportunities for investors. The outlets in UAE will include a large format store akin to a ‘jewellery paradise’ across 12,000 square feet of floor space, making it the largest jewellery retail outlet in the UAE with jewellery having a global appeal.