Malabar Gold & Diamonds, a leading jewellery retailer with a network of over 284 outlets in 10 countries, will set up a new manufacturing facility in Modonpur, Bangladesh in partnership with Nitol Niloy group, a diversified business conglomerate in that country.
The manufacturing facility, scheduled to be operational in October, is the first venture of Malabar Gold and Diamonds in Bangladesh. The jeweller will invest Rs 200 crore to build the facility, which will create 250 jobs.
“We are excited to begin our journey in Bangladesh, a country offering a variety of opportunities for growth and we are happy to have Nitol Niloy group as our partner in this journey. With our combined experience and expertise, we hope to replicate our transparent and sustainable business model in the country and turn Bangladesh into a jewellery manufacturing hub for the global audience, while contributing to the country, its economy and society,” said Shamlal Ahamed, MD - International Operations, Malabar Gold and Diamonds.
The new manufacturing facility will have a production capacity of 6,000 kg of gold annually, with high quality and finish, utilizing skilled craftsmen and the latest technologies such as casting, CNC and CAD-CAM (3D). The facility will have diverse manufacturing capabilities including CNC cutting, chains, anklet, rings, bangles, 22K and 24K coins as well as diamond setting. The initial operations will largely focus on exports and will provide employment opportunities for local artisans.
Malabar Gold & Diamonds currently operates 14 manufacturing units, in addition to offices and design centres spread across India, West Asia, the Far East and the US.
The company recently unveiled its retail expansion plan for FY23 with an aim to achieve revenue of Rs 45,000 crore. It will launch 97 showrooms - 60 across India and 37 overseas. This will take the company’s total showroom count to 373 by March-end 2023. The expansion plan is in line with its aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs 75,000 crore by FY25.