Malabar Gold expands to New Zealand
Seizing trade opportunities from UAE-New Zealand free trade agreement, Malabar Gold & Diamonds, the sixth-largest jewellery retailer worldwide, has announced its expansion into New Zealand, marking a significant milestone in its global operations.
This move comes in the wake of the Comprehensive Economic Partnership Agreement (Cepa) recently signed between the UAE and New Zealand, which aims to enhance trade and economic collaboration between the two nations.
The UAE-based company, which operates over 375 showrooms across 13 countries, will invest NZ$75 million to establish its presence in New Zealand. Initially, the company plans to open three state-of-the-art showrooms, showcasing its renowned jewellery collections and craftsmanship to the discerning New Zealand market.
"This agreement not only strengthens economic ties but also introduces our products and services to a new audience," said M.P Ahammed, Chairman of Malabar Group. He emphasized that the CEPA significantly facilitates their entry into New Zealand, aligning with the company's vision to become the world's leading jewellery retailer.
New Zealand's Trade Commissioner to the UAE, Ahmad Zakkout, expressed optimism about the Cepa's potential to drive increased trade and investment between the two countries. "It's encouraging to see the Cepa already fostering business opportunities," he stated, highlighting the strong connection between the UAE and New Zealand.
Shamlal Ahamed, managing director of International Operations at Malabar Gold & Diamonds, noted that New Zealand is a market rich with potential. "This expansion provides an exceptional opportunity to connect with a diverse customer base that appreciates the artistry and quality synonymous with our brand," he said. He added that the Cepa would create a more efficient pathway for their operations in New Zealand.
Malabar Gold & Diamonds is committed to maintaining its high standards of sustainability and ethical practices in this new market. The company has a long-standing dedication to Environmental, Social, and Governance (ESG) principles, ensuring compliance with local regulations and prioritizing responsible business operations. Mr. Abdul Salam K.P, vice chairman of Malabar Group, emphasized the company's commitment to operating as a responsible organization and contributing 5.0 per cent of its profits to CSR and ESG initiatives in the countries where it operates.
The new showrooms in New Zealand will adhere to Malabar's globally recognized standards of ethical sourcing and eco-friendly practices. The company has a history of supporting various social welfare initiatives, focusing on areas such as health, education, and women's empowerment.
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