Leading jewellery retailer Malabar Gold and Diamonds today said it will go for aggressive expansion with a target to reach 500 branches by 2015 from the present 100.

The company is planning to invest about Rs 2 to 4 crore on each branch, including the cost of land; it will also open seven branches in Tamil Nadu in a year, Malabar Group Regional Director V S Shafeekh told PTI here.

Shafeekh, at the inauguration of 21-day Diamond Show by the company here, said that diamond sales were growing at 10 to 15 per cent year on year.

He added the demand for gold had not come down, since the customers wanted to exchange old jewellery with the new one.

(This article was published on October 12, 2013)
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