Malabar Gold and Diamonds is the sixth largest jewellery retailer globally with more than 375 showrooms across 13 countries. It's now opening in New Zealand.
Malabar Gold and Diamonds is the sixth largest jewellery retailer globally with more than 375 showrooms across 13 countries. It's now opening in New Zealand.
The world’s sixth-largest jewellery retailer with an annual turnover in the billions is coming to New Zealand, but the company’s charitable efforts may draw the most attention.
Malabar Gold and Diamonds was founded in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.
Thebusiness will invest more than $75 million to open three showrooms in Auckland, Wellington, and Hamilton.
It’s the 14th global country of operation for Malabar, which has more than 375 showrooms across 13 countries.
The expansion to New Zealand was made possible following the free-trade agreement between the Government and the United Arab Emirates, where Malabar’s international operations are based.
Malabar Group chairman M.P. Ahammed said the agreement significantly bolstered its efforts to enter New Zealand.
“This agreement not only allows us to strengthen economic ties but also provides us with an opportunity to introduce our products and services to a whole new audience,” Ahammed said.
“By capitalising on the opportunities presented by this bilateral trade agreement, Malabar Gold and Diamonds marks a significant milestone in our overarching vision to become the world’s number one jewellery retailer.”
Minister for Trade Todd McClay met members of Malabar's executive team while signing a free-trade agreement with the United Arab Emirates last September.
New Zealand Trade Commissioner to the UAE Ahmad Zakkout said it was encouraging to see the agreement driving increased trade and investment so soon.
He said he was excited to continue fostering investment and business opportunities between New Zealand and the UAE.
An interesting part of the company’s entrance into New Zealand is its charitable efforts.
Malabar contributes 5% of all profits to a range of health, housing, education, and other initiatives in each country it operates in, with New Zealand set to benefit.
Malabar Group vice-chairman K.P. Abdul Salam said that while the group’s growth has been rapid, it has remained firmly aligned with its ESG principles.
“With a 100% track record of strict compliance with local regulations, our expansion into New Zealand will uphold our commitment to operating as a model organisation that prioritises responsibility and sustainability in every aspect of its business,” Salam said.
With roughly $6.2 billion in annual turnover, there is a significant amount of resources that could be diverted to help communities across the country.
Although no opening date has been revealed for the first New Zealand store, it is sure to interest the main jewellery industry players, including Michael Hill, Pandora, and Pascoes.
Tom Raynel is a multimedia business journalist for the Herald, covering small business and retail.
