JEDDAH – Shamlal Ahamed MP, managing director, International Operations of Malabar Gold & Diamonds, said that Malabar Gold sees a bright future for gold industry in the Kingdom. "We are keen to tap the huge expansion opportunities by taking advantage of the investment-friendly atmosphere in the Kingdom," he told Saudi Gazette on the sidelines of the launching of the Group's 153rd outlet in Jeddah on Sunday. Shamlal is the son of M.P. Ahammed, founder of Malabar Gold and Diamonds, and chairman of Malabar Group of Companies. "Now our group is among the top five global jewelers in the world and our chairman's aim is to make it the world's top jeweler. With Almighty Allah's will and customers' support we move forward to achieve this goal with opening more showrooms," he said. Malabar Gold has now 153 showrooms spreading over nine countries. As an Indian international jeweler, Malabar makes available almost all the models that Indians around the world prefer to buy. Malabar has 72 outlets outside India and of these, 67 are in the Gulf Cooperation Council (GCC) states. "We have outlets in Malaysia and Singapore, and are opening soon in Indonesia and Hong Kong as part of our ambitious expansion plan in the Far East," he added. Shamlal also unveiled Malabar's huge expansion plans in the Kingdom. "Saudi Arabia is the very important market for Malabar in view of the large number of customers. After opening first outlet in Jeddah nearly five years ago, we have now come back with our 10th showroom. Catering to the tremendous response from customers, Malabar plans to open four or five more outlets in Jeddah." He thanked the Saudi leaders for bringing out Vision 2030 as a blue print for the shining future of the nation. Many people shared the view that Saudi Arabia is a country where there is barakah (blessing) for business and our experience is fully confirms to it, Shamlal said. "In markets like Dubai, there is overspending of people but here people are able to save more money and they use this money mainly to buy gold. Some Saudis appreciate Indian brands and so we make them available." He said that all Malabar showrooms are functioning in line with the Saudi rules and are strictly following the Saudization regulations. There are around 100 Saudis now employed with various outlets. "We are training Saudis in gold manufacturing sector. Saudization drive did not affect gold industry adversely and even the Nitaqat Saudization program turned out to have positive impact on our businesses," he added. Malabar Saudi Regional Director Gaffoor Edakkuni said Malabar offers 1.5 kg gold for lucky draw winners, plus zero reduction, and no charge in all Saudi outlets as part of the Jeddah outlet opening.
