Malabar Gold & Diamonds Opens 56 New Stores

RAPAPORT... India-based jewelry chain Malabar Gold & Diamonds is expanding its store network to include an additional 56 locations globally.The company will invest $220 million over the next two years to broaden its offering, creating 1,750 new jobs, it said last week. A total of 40 news shops will open in India, while 16 will open overseas - in Singapore, Malaysia, Oman, Qatar, Bahrain and the United Arab Emirates (UAE). "In over 25 years we have transformed from a small retail jewelry business to a global player across the verticals of gold- and diamond-jewelry retail, manufacturing and multi-retail business," said MP Ahammed, chairman of Malabar. "Transparency and customer trust have been our growth pillars, and the new expansion will take us to the next level."The chain currently has over 250 outlets in 10 countries, 14 wholesale units and design centers and factories in India, the Middle East, the Far East and the US.Image: A newly opened Malabar store. (Malabar Gold & Diamonds)