Malabar Gold & Diamonds Eyes INR 78, 000 Cr Turnover in FY26

Malabar Gold & Diamonds, one of India’s most prolific jewellery retailers, has hit a key milestone with the opening of its 400th showroom recently. But as the brand cements its leadership in scale, the next challenge is navigating rising gold prices, shifting consumer behaviours, and the competitive realities of global retail.

“We see this milestone through three lenses: brand trust, market penetration, and the rise of organised jewellery retail,” says MP Ahammed, Chairman of Malabar Group. The company is doubling down on domestic expansion while sharpening its global playbook. Malabar is aiming for INR 78,000 crore in turnover by FY26 and investing INR 5,000 crore to fuel future growth. The present turnover of the company is INR 63,000 cr.

To support this ambition, the company is steadily moving toward vertical integration as it plans to launch 60 showrooms and manufacturing units to achieve this growth.

Further, its new fully-integrated facility in Hyderabad consolidates design, refining, manufacturing, and quality control under one roof – all aimed at streamlining operations and maintaining quality at scale.

Adapting to a High-Gold-Price World

With gold prices remaining elevated, Malabar has launched ‘Gold Protection Plan’ that allows buyers to book jewellery by paying 10% of the value and take the delivery by paying the balance amount on the basis of gold rate prevailing on booking date or delivery date whichever is lower. 

Ahammed affirms gold is an integral part of the socio-cultural ethos of the country. It is a symbol of tradition, prosperity and security. Hence, there is eternal aspiration among people to purchase gold. “Serving customers in an elevated gold price scenario calls for innovation– both in product design and customer-friendly policies,” he says.

On the design front, the brand is leaning into lightweight jewellery and lower-karat options including 18K gold to cater to aspirational but price-sensitive buyers. This includes a broader selection of pieces suited for daily wear and special occasions, in both 18K and 22K variants.

Changing Face of the Indian Consumer

From its roots in Kerala since1993, Malabar has watched Indian jewellery buyers evolve dramatically. Today’s consumers demand more than investment-grade gold. They seek certified, hallmark jewellery that aligns with their personal aesthetics.

“Customers are embracing platinum, precious gemstones, men’s and even children’s jewellery,” Ahammed notes. The company’s NUWA by Mine Diamonds, a modern and abstract collection, is a response to this shift toward self-expression.

This evolution also extends to sustainability. Conscious buying is on the rise, pushing brands to demonstrate transparency and ethical sourcing. Malabar now sources 100% traceable gold via a partnership with Rand Refinery, which adheres to global environmental, anti-money laundering, and anti-terror financing norms.

Local Flavour, Global Strategy

Operating in 13 countries including the UAE, USA, UK, Canada, and now targeting New Zealand, Malabar is localising its international presence. From product assortment to showroom décor, cultural relevance is embedded into its overseas expansion.

India remains its primary market, but international growth is firmly on the radar. The brand is tailoring collections to suit local cultural and festive preferences, while maintaining the Indian craftsmanship that anchors its identity.

The jewellery brand is embracing digital transformation with purpose. Partnering with Accenture, it is building a cloud-first, AI-enabled retail platform to enhance customer experience, decision-making, and backend operations. Augmented reality (AR)-based virtual try-ons and omnichannel integrations are in the pipeline, as the brand looks to digitise both convenience and engagement.

Vision 2030: From Jeweller to Lifestyle Powerhouse

With a spot on Deloitte’s Global Powers of Luxury Goods 2023 (ranked 19th), Malabar is already rubbing shoulders with the world’s most prominent luxury brands. But its broader ambition lies in repositioning itself as a full-spectrum global lifestyle player, marrying craftsmanship with global sensibilities and scale with sustainability.

The next five years will test whether Malabar can translate its homegrown success into global loyalty. A vertically integrated supply chain, culturally localised retail, and tech-led innovation are its bets for staying ahead in a fast-evolving jewellery market.