Malabar Gold & Diamonds to start construction of manufacturing unit in Telangana

Major gold and diamond retail chain Malabar Gold & Diamonds is ready to start construction of its gemstone and jewelry manufacturing unit in Telangana. The company laid the first stone of the new unit on Saturday.

Minister of Municipal Administration and Urban Development, IT, Industries, Electronics and Communication of Telangana, KT Rama Rao, Honorable Minister of Municipal Administration and Urban Development, industries, laid the foundation stone for the manufacturing plant.

Located at General Park, Maheshwaram in Rangareddy district and spread over 3.7 acres, the manufacturing facility is expected to be operational soon. It will have the capacity to manufacture 10 tons of gold jewelry and 1.5 lakh carats of diamond jewelry per year. It will also house a state-of-the-art gold refining facility with an annual gold refining capacity of 180 tonnes.

The manufacturing plant will deploy a diverse range of jewelry including gold, diamonds, gemstones, platinum and uncut diamonds. The facility is equipped with CNC machining, state-of-the-art chain making machines and laser cutting machines in collaboration with industry experts from Italy, USA and Germany. The establishment of the facility is in line with the expansion plan announced earlier as part of its strategy for fiscal year 2022-23.

The General Park manufacturing plant, which will be built on an area of ​​2.3 lakh square feet, will have a fully-fledged skills development center, design studio and R&D center as well than accommodation facilities for employees. It will also have an automated warehouse. The facility will have 33% green space and adhere to environmentally sustainable standards with an emphasis on limiting the carbon footprint.

Malabar Gold & Diamonds will invest Rs.750 crore to set up the manufacturing plant and a refinery in Telangana. The facility should generate around 2,750 jobs. Malabar Gold has 17 retail showrooms in Telangana employing over 1000 people. The company intends to further expand its commercial presence in Telangana.

The General Park facility will primarily support the group’s domestic and global expansion plan. Malabar Gold & Diamonds plans to launch 97 showrooms – 60 across India and 37 overseas in FY23. The target is to increase the number of showrooms to 373 from by March 2023 with a strong presence in 13 countries. The expansion plan is in line with Malabar Gold & Diamonds’ target to become the world’s largest retailer with 2.5x revenue growth to over Rs. 75,000 crores by FY25.

Commenting on the cornerstone ceremony, Malabar Group Chairman Ahammed MP said, “The future operational manufacturing unit in Telangana will further enhance our manufacturing capabilities apart from our retail expansion drive. . We are grateful to the government of Telangana for extending all possible support in quick succession to help us set up the manufacturing unit in Maheshwaram. We have a major investment plan in sight for the state. »

Malabar Gold & Diamonds currently has over 280 showrooms in 10 countries – India, the GCC (the United Arab Emirates, Kuwait, Bahrain, Oman, Qatar and Saudi Arabia), Malaysia, Singapore and United States.

Sarah C. Figueiredo