Malabar Gold & Diamonds to establish manufacturing facility in Bangladesh
Malabar Gold & Diamonds, a leading jewelry 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 this country.
The manufacturing facility, which is expected to be operational in October, is Malabar Gold and Diamonds’ first venture in Bangladesh. The jeweler 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 growth opportunities 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 make Bangladesh a jewelry 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 plant will have a production capacity of 6,000 kg of gold per year, with high quality and finish, using skilled craftsmen and the latest technologies such as casting, CNC and CAD-CAM ( 3D). The facility will have various manufacturing capabilities including CNC cutting, chains, anklets, rings, bracelets, 22K and 24K coins as well as diamond setting. The initial operations will be largely export-oriented and will provide employment opportunities for local artisans.
Malabar Gold & Diamonds currently operates 14 manufacturing units, in addition to offices and design centers spread across India, West Asia, the Far East and the United States.
The company recently unveiled its retail expansion plan for FY23 with the aim of achieving revenue of Rs 45,000 crore. It will launch 97 showrooms – 60 across India and 37 overseas. This will bring the company’s total showroom count to 373 by the end of March 2023. The expansion plan is in line with its goal of becoming the world’s largest retailer with 2.5x growth revenues to over Rs 75,000 crore by FY25.
August 04, 2022