Malabar Gold set to expand operations into Bangladesh

Malabar Gold & Diamonds, one of the largest jewellery retailers globally with a strong network of over 285 outlets spread across 10 countries, is scheduled to open a new manufacturing facility in Modonpur, Bangladesh, in October this year.

The manufacturing facility, which is being set up in partnership with Nitol Niloy Group, a diversified business conglomerate in Bangladesh, is the first venture of Malabar Gold and Diamonds into the country.

“We are very excited to start our journey in Bangladesh, a country offering a wide variety of opportunities. We are happy to have Nitol Niloy Group as our partner in this journey,” said Shamlal Ahamed, MD — International Operations, Malabar Gold and Diamonds.

“With our combined experience and expertise, we hope to replicate our transparent and sus-tainable business model in the country and turn Bangladesh into a jewellery manufacturing hub for the global audience while contributing positively to the country, its economy and society,” he said.

Stone-laying ceremony held

The stone-laying ceremony of this facility was held on July 28, 2022 by MD Sirazul Islam, executive chairman, Bangladesh Investment Development Authority (BIDA) in the presence of Abdul Matlub Ahmad, chairman, Nitol Niloy Group; Shamlal Ahamed, MD — International Operations, Malabar Gold & Diamonds; Ameer CMC, director finance, Malabar Gold & Diamonds; management team members of both the organisations.

The new facility will have a production capacity of 6,000kg of gold per year with high quality and finish, utilising skilled craftsmen and the latest technologies like casting, CNC and CAD-CAM (3D). It is expected to create approximately 250 jobs.

The facility, which is scheduled to open in October 2022, will include different departments for production including CNC cutting, chains, anklet, rings, bangles, 22K and 24K coins, as well as diamond setting.

The initial operations of the manufacturing unit will largely focus on exports and will provide numerous employment opportunities, especially for local artisans.

Malabar Gold & Diamonds a household name

On the joint venture between Malabar Gold & Diamonds and Nitol Niloy Group, Abdul Matlub Ahmad, Chairman, Nitol Niloy Group said Malabar Gold & Diamonds is a household name among the Bangladeshi community in the GCC and Far-east.

“We are very excited to be diversifying our operations into jewellery sector by partnering with this brand that 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 gen-erating jobs and providing skill training,” he said.

MD Sirazul Islam, executive chairman, Bangladesh Investment Development Authority (BIDA) said: “I’d like to congratulate both Malabar Gold & Diamonds and Nitol Niloy Group on this 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, in-cluding fast-tracking all the required permissions and we will also look into export incentives for jewellery export.”

Malabar Gold & Diamonds currently operates 14 manufacturing units in addition to offices and design centers spread across India, Middle East, Far East and the USA.

Key takeaways

• Estimated output of first unit is 6,000kg of gold jewellery per year

• Will produce a wide range of gold ornaments with high quality and finish utilising skilled craftsman and latest technologies like casting, CNC, and CAD-CAM (3D)

• This is the brand’s first venture in Bangladesh

• Bangladesh Investment Development Authority (BIDA) pledges whole-hearted support to the project

• Environment-friendly practices and equipment to be used in sync with the organisational ESG guidelines

— muzaffarrizvi@khaleejtimes.com