Malabar to set up gold and diamond manufacturing units

Malabar Gold and Diamonds will be setting up two gold jewellery and one diamond jewellery manufacturing units by the end of this fiscal.
The company is making only 20 per cent of its requirement and the balance is being outsourced, the new units- one in Ahmedabad and another in Kolkata, will increase own manufacturing to 60-70 per cent, Malabar Gold and Diamonds Managing Director India Operations Asher O told reporters here.
Similarly, one diamond jewellery manufacturing in Mumbai is also planned which is expected to become operational in the middle of the next fiscal, he said.
The company currently has seven gold manufacturing units in the country, while it outsources its requirements for diamonds.

Asher was speaking on the sidelines of opening a new showroom in the city, which was inaugurated by Tamil filmstar Surya.
On showroom expansion, he said the company which currently has 137 showrooms in nine countries is investing Rs 800 crore during this fiscal to take up the number to 157.
Stating that the company had a turnover of Rs 26,000 crore, with 90 per cent sales from gold and 10 per cent from diamond, he said within two years the share of sales will be 80 per cent gold and 20 per cent diamond, indicating more concentration on diamond jewellery.

The company is carrying out a survey to identify the locations and the number of new showrooms to be established, particularly in tier-two and tier-three cities, Asher said.