Malabar Gold plans diamond factory in Mumbai, gold unit in Dubai

Malabar Gold & Diamonds plans to build a diamond manufacturing unit in Mumbai and a gold manufacturing unit in Dubai jointly with the UAE government.

The Kerala-based jeweller plans to expand its manufacturing facilities at KINFRA Industrial Park, in Kerala, as also at other industrial parks in states like West Bengal, Gujarat and Andhra Pradesh, the firm said in a statement. The new facilities and expansion of its existing units would generate 5,000 new skilled jobs.

Malabar Gold, which is owned by over 1,700 shareholders has a turnover of Rs 26,000 crore

"The current lower gold and commodity prices offered great opportunity for investors and jewellery buyers. With gold prices remaining low, we see strong buyer and investor interest for the yellow metal and diamonds," Malabar Gold chairman M P Ahammed said in a statement.

The firm plans to expand its retail outlets to over 300 by 2020, including showrooms in Hong Kong and Indonesia. Malabar sells its gold jewellery online on its own and has partnered with Flipkart.