Jewellery retailer Malabar Gold and Diamonds has set aside $125-million worth of investment to open 21 retail stores across the GCC, India and Far East in the next six months.
Of the total allocated amount, Malabar Gold and Diamonds is planning to invest $60 million in eight stores in the UAE, $27 million in five outlets in Saudi Arabia, $16 million in three outlets in Oman and $6 million in one outlet in Malaysia. Further the company will add four more outlets in India at an investment of $16 million.
“The current lower gold and commodity prices offer a great opportunity for investors and jewellery buyers. With gold prices remaining low, we see a strong buyer and investor interest for the yellow metal and diamonds,” shares MP Ahamed, chairman of Malabar Group.
“We have seen a greater appetite among consumers who have continued to throng our outlets for more gold and diamond jewellery this summer. Our next phase of expansion is aimed at offering a better value to our customers as well as a wider option to investors who are looking at higher returns from investment.”
Malabar Gold and Diamonds is set to open eight outlets in the UAE including a large format ‘jewellery paradise’ in Abu Dhabi spanning 12,000 sqft, reportedly the largest jewellery retail outlet in the Middle East showcasing a variety of jewellery catering to a global audience.