Malabar Gold & Diamonds, one of the largest retail chains, has laid the foundation stone for setting up a jewellery manufacturing unit in Telangana with an investment of ₹750 crore.
Spread over 3.7 acre in Rangareddy district, the new unit will have the capacity to manufacture 10 tonnes of gold jewellery and 1.5 lakh carats of diamond jewellery annually. It will also house a modern gold refinery facility with an annual capacity of 180 tonnes.
The manufacturing facility will roll out a diverse range of jewellery including gold, diamonds, precious gemstones, platinum and uncut diamonds.
To be built on 2.3 lakh sq ft area, the unit will also have a skill development centre, design studio and R&D centre besides accommodation for employees. It will also have an automated warehousing facility.
To generate 2,750 jobs
The facility is expected to generate about 2,750 jobs. Malabar Gold has 17 retail showrooms in Telangana and employs over 1,000 people.
Malabar Gold & Diamonds plans to launch 60 showrooms in India and 37 overseas in this fisca. It plans to become the world’s largest retailer with revenue of over ₹75,000 crore by FY25.
Aims at ₹45,000 cr turnover
It clocked a turnover of ₹30,000 crore last fiscal and targets to achieve a revenue of ₹45,000 crore next fiscal with the robust retail expansion.
Ahammed MP, Chairman, Malabar Group said the soon-to-be operational manufacturing unit in Telangana will further strengthen the company’s manufacturing capabilities apart from retail expansion drive.
Malabar Gold & Diamonds presently has over 280 showrooms spanning 10 countries. It has a large investor base of over 4,000 and of them over 400 are its own employees. The company has five manufacturing units abroad in Qatar, Dubai, Sharjah and Bahrain and nine in India in Mumbai, Kolkata, Hyderabad, Bengaluru, Coimbatore, Kozhikode and Thrissur.
Malabar Group has also recently forayed into responsibly sourced gold bullion trade and its gold bars are available for jewellery manufacturers, small gold traders and retail investors desiring to invest in physical gold for purchase.