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RAPAPORT... Malabar Gold & Diamonds expects revenue to reach $3.5 billion (INR 219 billion) this year as the retailer continues with its expansion strategy across India and the Middle East. The company recently inaugurated its 100th Malabar Gold & Diamonds showroom with much fanfare -- at sector 43, Gold Souk, Gurgaon, India. For the long term, it targets operating a network of 220 stores and reporting annual turnover of about $6 billion by 2015.
"With our ambitious expansion plan, we are fast changing the global ranking of the world's top jewelry retailers in which we are constantly outranking global rivals -- to rise to the top position in the near future," said Shamlal Ahamed, the managing director of international operations of Malabar Gold & Diamonds. ''However, our biggest success lies in our ability to serve our clients in the best possible way and the satisfaction of our customers and the trust they attach to our company that is reflected in the customer retention and loyalty that we have seen in the last few days.''
In the newest showroom, Malabar Gold & Diamonds features Ethnix, hand-crafted designer jewelry collection; Era, uncut diamond jewelry; Divine, Indian heritage jewelry; Starlet, designed for children, and the Precia, which is a collection of precious gemstone jewelry.
This year marks the company's 20th anniversary for which the jeweler also announced gold medal offers throughout the Gulf states and India through October 20. “The company is embodying a change to help scale greater heights and to serve discerning customers better. As a step in this direction, Pink Chic -the new mini boutique, Everafter wedding bands and Valent, a men’s brand, will be launched during the 20th anniversary celebrations. We are looking at a younger and more elite crowd," Ahamed said.
Cricketer Kapil Dev, who attended the grand opening, said, “I would like to congratulate Mr. Ahammed and the entire team at Malabar on this golden century. Malabar Gold & Diamonds, with their deep-rooted business ethics and the goodwill that they have created over the years, are sure to go a long way.”
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