Malabar Gold & Diamonds on expansion drive: to expand operations into Bangladesh in association with Nitol Niloy Group

Malabar Gold & Diamonds, one of the largest jewellery retailers globally with a strong network of over 284 outlets spread across 10 countries, will set up a new manufacturing facility in Modonpur, Bangladesh in partnership with Nitol Niloy group, a leading diversified business conglomerate in Bangladesh.

The manufacturing facility scheduled to be operational in October 2022 is the first venture of Malabar Gold and Diamonds in Bangladesh. The jeweller will invest Rs.200 crore to build the facility which will create 250 jobs.

The foundation stone laying ceremony of the facility was attended by Mr Shamlal Ahamed, MD – International Operations, Malabar Gold & Diamonds, Mr Ameer CMC, Director Finance, Malabar Gold & Diamonds, MD Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) and Mr Abdul Matlub Ahmad, Chairman, Nitol Niloy Group along with management team members of both the organizations and well-wishers.

“We are excited to begin our journey in Bangladesh, a country offering a wide variety of opportunities for growth and we are happy to have Nitol Niloy group as our partner in this journey. With our combined experience and expertise, we hope to replicate our transparent and sustainable business model in the country and turn Bangladesh into a jewellery manufacturing hub for the global audience while contributing to the country, its economy and society”, said Shamlal Ahamed, MD – International Operations, Malabar Gold and Diamonds.

The new manufacturing facility will have a production capacity of 6,000 kg of gold per year with high quality & finish, utilizing skilled craftsmen and the latest technologies like casting, CNC and CAD-CAM (3D). The facility will have diverse manufacturing capabilities including CNC cutting, chains, anklets, rings, bangles, 22K and 24K coins as well as diamond settings. The initial operations of the manufacturing unit will largely focus on exports and will provide numerous employment opportunities, especially for local artisans.

On the joint venture between Malabar Gold & Diamonds and Nitol Niloy group, Mr Abdul Matlub Ahmad, Chairman, Nitol Niloy group commented, “Malabar Gold & Diamonds is a household name among the Bangladeshi community in the GCC and Far-east. We are excited to be diversifying our operations into the jewellery sector by partnering with a brand which is synonymous with trust and quality. Through this partnership, we look forward to leveraging our business expertise in the region to add further value to the economy by generating jobs and providing skill training.”

As a part of the group’s strong focus on sustainability, this facility will also be designed to incorporate various energy-efficient and environmentally friendly features and promote clean energy. To minimize wastewater pollution, effluent water released from the plant will be subjected to three layers of sedimentation treatment and will be released only after pH levels have been balanced to an adequate extent.

Speaking on the auspicious occasion, Mr MD Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) commented, “I’d like to congratulate both Malabar Gold & Diamonds and Nitol Niloy Group on the joint venture that is expected to boost Bangladesh’s jewellery exports to international markets and contribute positively to the economy. I pledge my wholehearted support to this project, including fast-tracking all the required permissions and we will also look into offering export incentives for jewellery export.”

Malabar Gold & Diamonds currently operates14 manufacturing units in addition to offices and design centres spread across India, Middle East, Far East &the USA.

Malabar Gold & Diamonds has recently unveiled its robust retail expansion plan for FY23 with an aim to achieve revenue of Rs. 45,000 crores. As per the growth plan, Malabar Gold & Diamonds will launch 97 showrooms – 60 across India and 37 overseas. This will take the company’s total showroom count to 373 by end-March 2023 and the company will have its strong presence in 13 nations. The expansion plan is in line with Malabar Gold & Diamonds’ aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs. 75,000 crores by FY25.

Courtesy: Retail Jeweller India News