Malabar Gold & Diamonds Glittering Success

The story of Kerala-based jewellery retailer's rise to become the world's sixth-largest group in the segment

- Anagha Ratna

Kerala-based entrepreneur M P Ahammed was not always a well-known businessman, at least not until he founded Malabar Gold and Diamonds. His spices business had not met with much success, and he was looking to start something new. "A retailer in Mumbai who owed a sizable amount to me pledged to repay his dues by selling his brand. That incident made me aware of the market value of an established brand," said Ahammed.

With an intention of building a powerful brand, he set upon extensive research to find a business that fit the bill. His study uncovered that jewellery was the one unorganised sector of which people were notably proud. He decided to venture into this industry and promote his native region of Malabar.

And so, in 1993, he began his journey with a 400 sq. ft store in Kozhikode in Northern district in Kerala. Persuasive e orts of seven relatives, coupled with the bold decision to liquidate his assets, Ahammed amassed an initial capital of `50 lakh to kickstart the business.

Today, the company is a global success—Malabar Gold and Diamonds is recognised as the world’s sixth-largest jewellery group and the 19th in Deloitte’s Luxury Goods global ranking.

Over its three-decade journey, the jewellery retail chain has shrewdly capitalised on the decentralised structure of India’s jewellery industry, turning it to its advantage. 

The Rise