$75 million investment setting a global benchmark for quality and service
at Malabar Gold & Diamonds (Image Supplied)
Vineeta Rao
Auckland, March 17, 2025
In 1993, after trying his hand at a couple of other ventures, Founding Chairman P Ahamed set up his first jewellery showroom in the Indian city of Calicut.
Today, his company Malabar Gold & Diamonds is the largest jewellery retailer in India and ranks among the top six in the world, with a net worth of approximately $10.2 billion.
They recently announced their entry into the New Zealand market with the launch of three luxury stores. But what has captured attention has been their declaration that 5% of all profits to local charities.
We caught up with the Managing Director (International Operations) of Malabar Gold & Diamonds Shamlal Ahamed to chat about their new venture in New Zealand.
The Conversation
INL: What prompted Malabar Gold & Diamonds to expand into the New Zealand market?
Ahamed: Malabar Gold & Diamonds currently operates 380 showrooms across 13 countries and is on track to surpass 390 stores by the end of March 2025. In its ongoing quest to become the leading global jewellery retailer, Malabar Gold & Diamonds is actively seeking opportunities in both existing and new international markets. New Zealand, in particular, stands out as a market teeming with potential. It offers us a unique opportunity to engage with a diverse clientele that values the craftsmanship, quality, and authenticity associated with Malabar Gold & Diamonds. Additionally, we are leveraging the opportunities created by the signing of the Comprehensive Economic Partnership Agreement (CEPA) signed by the United Arab Emirates and New Zealand to initiate operations in the region.
Editor’s Note: The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and New Zealand is a Free Trade Agreement aimed at enhancing economic cooperation and trade between the two countries. The Agreement was signed in Abu Dhabi on January 14, 2025 by New Zealand’s Trade Minister Todd McClay and UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi in the presence of Prime Minister Christopher Luxon and UAE President Shaikh Mohammed bin Zayed Al Nahyan. Among the highlights of the CEPA are Tariff Elimination (99% of exports to UAE), Market Access, Investment Facilitation, Digital Trade, Sustainable Development, Support for SMEs and exploring further opportunities to improve bilateral trade, which currently stands at $1.3 billion.
INL: Could you elaborate on the significance of the CEPA in facilitating this expansion?
Ahamed: With the entirety of Malabar Gold & Diamonds’ international operations based out of the UAE, the UAE-New Zealand CEPA will be instrumental to our New Zealand expansion. With CEPA significantly bolstering bilateral trade between the two countries, it will create a more seamless and favourable business environment by reducing trade barriers, enhancing market access and streamlining regulatory processes.
INL: How does the $75 million investment align with the company’s global growth strategy?
Ahamed: We have earmarked a broader investment of $75 million for the region, with a significant portion designated for the Auckland showroom, which will be our largest in the country. With the inauguration of our first showroom in New Zealand, Malabar Gold & Diamonds will expand its presence to 14 countries. This expansion not only adds another country to our global footprint but also represents a key milestone in our pursuit of becoming the world’s leading jewellery retailer.
INL: What challenges do you anticipate in entering the New Zealand market, and how do you plan to address them?
Ahamed: Entering the New Zealand market presents unique opportunities that require careful navigation. Our key focus areas will include adapting to local consumer preferences, building brand awareness, and establishing a robust retail network. We plan to address these by leveraging our global expertise of providing an exceptional shopping experience to a diverse audience and customer-first policies, offering a diverse range of high-quality products tailored to local tastes, and implementing strategic marketing initiatives.
INL: How will the new showrooms in New Zealand differentiate themselves from competitors in the local market?
Ahamed: With our launch, Malabar Gold & Diamonds will become the first organised Indian international jewellery retailer in New Zealand, setting a new benchmark for trust and transparency in jewellery shopping. Customers can enjoy a secure and seamless shopping experience, backed by our comprehensive service assurances, called the Malabar Promise. Additionally, our strong global presence allows us to bring an extensive portfolio of exquisitely crafted gold and diamond jewellery, offering New Zealand consumers unparalleled choice and quality.
INL: What role does sustainability and ethical sourcing play in your business operations in New Zealand?
Ahamed: Sustainability and responsibility are the cornerstone of our entire business operations. From ensuring that 100% of the gold and diamonds we use for our jewellery are sourced in a completely responsible, sustainable and traceable manner to providing our artisans with fair wages & a safe working condition, 100% compliance with local laws and ensuring sustainable manufacturing processes, we go above and beyond to adhere to the principles we have set for ourselves to be a responsible and model organisation across all the markets we operate in.
Gold: We only use bullion bars accredited by the London Bullion Market Association (LBMA) or Good Delivery Bars, ensuring that the gold we use can be tracked from its origin to our showrooms. This accredited bullion follows the five-step due diligence framework set out in the OECD Guidance and ensures that gold is mined safeguarding the environment the proceeds from it do not support money laundering, weapons trade, terrorist financing and human rights abuses like child labour.
Diamonds: All the diamonds that we use are sourced in accordance with the Kimberly Process Certification to prevent the trade of conflict diamonds, promoting accountability and ethical sourcing practices to help protect legitimate diamond businesses.
Manufacturing: Across all our 16 manufacturing units across India and the GCC, we ensure process and operations in a responsible and sustainable manner. We prioritise and ensure that we pay our employees fair and competitive wages, offer a safe and hygienic work environment and use clean energy and environmentally friendly practices. We insist that such standards are maintained by our vendors as well to ensure that the jewellery we source externally is also in compliance with our responsible and sustainable manufacturing guidelines.
The Malabar Promise
INL: What unique offerings can New Zealand customers expect from Malabar Gold & Diamonds?
Ahamed: As an international jewellery brand, Malabar Gold & Diamonds brings a world of elegance to New Zealand, offering customers an unparalleled selection of designs. Our extensive portfolio, curated from over 20 countries, is tailored to suit the diverse preferences of the local market. Whether you are looking for opulent statement pieces to elevate festive attire or sophisticated everyday designs, our collection ensures that every jewellery need is met with craftsmanship, quality, and timeless beauty.
INL: How does the ‘Malabar Promise’ enhance the customer experience?
Ahamed: At Malabar Gold & Diamonds, our core philosophy prioritises customers, committed to delivering exceptional quality and crafting customer-centric policies. We proudly call it the Malabar Promise, an assurance that lasts forever. Our 10 Malabar Promises ensure that customers are safeguarded before, during and post their purchase and provide our customers peace of mind for all their purchases.
The 10 Malabar Promises are: (1) 100% Value on Diamond Exchange (2) 100% Value on Gold Exchange (3) Complete Transparency (4) Tested and Certified Natural Diamonds (5) Assured Lifetime Maintenance (6) Guaranteed Buyback (7) Hallmarked Pure Gold (8) Responsible Sourcing (9) Fair Price Policy and (10) Fair Labour Practices.
Community and Impact
INL: How will the company’s commitment to allocating 5% of profits to local initiatives impact New Zealand communities?
Ahamed: At the Malabar Group, ESG (Environmental, Social and Governance) initiatives have been at the heart of our operations, driving meaningful change across the communities we serve. Our key focus areas – Health, Housing, Hunger Eradication, Women’s Empowerment, Education, and Environment – reflect our deep commitment to social responsibility. As a part of this mission, we allocate 5% of our profits to Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) initiatives in every region we operate, ensuring that our growth goes hand in hand with the progress of society. Across the 13 countries we operate in, our efforts have made a significant impact, and we remain steadfast in our commitment to fostering collective growth and positive change.
INL: What steps are being taken to integrate with and support the local economy and artisans? Are you collaborating with any local designers or Maori artisans?
Ahamed: As we expand into New Zealand, we are focused on generating employment opportunities, supporting the local workforce, and strengthening the retail sector. Our operations are built on a foundation of ethical business practices, ensuring full compliance with local laws, fair trade principles, and responsible sourcing. With a commitment to transparency and integrity, we aim to create lasting value for the community while delivering exceptional quality and service to our customers.
Vineeta Rao is an Indian Newslink Reporter based in Auckland.
