Malabar Gold donates Rs 1 crore to PM CARES Fund

By

Maverick Martins

Published
May 14, 2020

Leading jewellery chain Malabar Gold and Diamonds has contributed Rs 1 crore ($1,32,556) to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) to support Covid-19 relief measures in India.
 

With this contribution, the Kerala-based company has donated around Rs 4 crore to fight the Covid-19 pandemic, despite the ongoing lockdown which has resulted in huge losses for the jeweller.
 
Earlier, Malabar Gold had donated Rs 2 crore to Kerala’s chief minister's fund and Rs 1 crore to Telangana chief minister fund.

Commenting on the initiative, MP Ahammed, chairman of the Malabar Group, in a statement said: “The impact of the pandemic on the country and the world as a whole is unprecedented. We stand by the people and the governments in this time of crisis. This humble contribution to the PM-CARES Fund is aimed at supporting the nationwide fight against the pandemic.”
 
Malabar stores have been shut over the last two months following a nationwide lockdown to curb the spread of coronavirus disease in the country.
 
Malabar Gold had reported revenue of $4.51 billion in 2018-19. The company currently owns and operates more than 260 showrooms across ten countries.