Gold and diamond retailer Malabar Gold and Diamond said it would invest Rs 1,600 crore in the next financial year to open 56 new stores in India and abroad. 40 of these 56 new stores will be opened in India and 16 abroad. The domestic expansion will take place in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, Bengal, UP, Odisha and Kerala. It is expected to create 1,750 new jobs in the next fiscal year.
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Please state that Malabar Gold Diamonds President MP Ahmed has long said that the government should take concrete steps to implement the One India, One Gold Rate Policy. Uniform gold prices will benefit consumers. There is a tax rate on jewelery across the country after the GST comes into force. Internationally, gold has the same price. Therefore, there are no difficulties in doing this in India as well.
Why gold is cheaper in the southern states than in the north
In India, there is a huge difference in gold prices between the northern states and the southern states. Gold prices in South India have been reasonable for many years and there is a repurchase system. Jewelers in the southern states don’t charge much. North Indian jewelers charge higher margins, which results in higher prices. According to AP Ahmed, jewelers should exhibit a repurchase rate because recycling is not affected by the purity of gold. You can take a margin of 2 percent or more on repurchases. Jewelers should share this information with themselves. It encourages consumers to invest in gold.
The company will open stores in Singapore, Malaysia, Oman, Qatar and Bahrain.
“We are investing Rs 1,600 crore to expand our presence through 56 new stores and create 1,750 new jobs,” Malabar Group President MP Ahmed said on Wednesday. Stores will be opened in Singapore, Malaysia, Oman, Qatar, Bahrain and the United Arab Emirates as part of an international expansion plan. This ambitious expansion plan is part of the company’s strategy, which aims to increase its retail network from 750 to 750 by the end of 2023.
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According to the company’s release, with this expansion plan, 12 stores are set to open in the first quarter of FY 2021-22. The company has set up retail stores in major cities such as Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bangalore and smaller cities such as Eluru, Manneriyal, Solapur and Ahmednagar. Malabar Gold Group started in 1993 in Koh Kozhikode Dikode (Kerala). Today it has 250 stores and its turnover is around Rs 30,000 crore annually. Its 13 clustered manufacturing units abroad are involved in jewelery making.
