Malabar Gold plans overseas foray

Chennai: Malabar Crystals and Diamonds (P) Ltd, the jewellery retail chain and part of the Kozhikode-based Rs 800 crore Malabar Group, is planning to foray into the overseas market next year. The company is looking to open stores in Dubai, Qatar, Kuwait, Bahrain and Muscat.

It also plans to expand its network in the country and intends to open 12 more stores in 2008. The company has 17 stores in the country and by the end of 2007, it will touch the 20-mark, said Asher, managing director, Malabar Gold.

He said the company will invest close to Rs 200 crore for funding this expansion. Each outlet will see an investment of about Rs 15-20 crore and the funds will be raised from a group of individual investors, he said.

“We are already functioning out of Dubai with a wholesale division and will open our first retail outlet there by March 2008. With this, we wish to sell gold to the expatriate Indian community there,” Asher said.

Malabar Gold is opening its second outlet in Bangalore on Wednesday and will open its third outlet next year.

It is also looking to open outlets in Mysore, Vijayawada, Chennai, Coimbatore, Salem and Erode in the next few months, he added.