Malabar Gold to strengthen international presence with Hong Kong entry
today Dec 6, 2018
Indian jewellery firm Malabar Gold & Diamonds is looking to strengthen its international presence and will soon be entering the Hong Kong market.
The company has been expanding rapidly across the globe with plans to open 500 more outlets globally over the next five years. It had recently started operations in the US with its first outlet in Chicago.
Malabar Gold sees tremendous potential in the Chinese market as there is a huge demand for both gold and diamonds. It also has plans to extend operations to countries like Bangladesh, Sri Lanka, Australia, Canada, Egypt, and Turkey in the coming years.
The company has earmarked an investment of $960 million (Rs 7,000 crore) to manage its growth and expansion for the next five years.
“As part of our expansion, we are also looking at markets such as Hong Kong where there is increasing activity at present. The Chinese are buying both gold and diamonds in large quantities unlike what they used to, say, some three decades ago,” Malabar Group Chairman M P Ahammed was quoted as saying by the Gulf Times.
Malabar Group has over 250 stores in India and abroad, making it one of the top five players in the world.
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