Malabar Gold and Diamonds has laid the foundation stone for its largest jewelry manufacturing unit with an investment of Rs 750 crore.
The manufacturing facility, slated to be operational soon, is located at General Park, Maheshwaram near Hyderabad and is expected to generate about 2750 jobs.
The unit will be spread over 3.7 acre, have capacity to manufacture 10 tonnes gold jewelry and 1.5 lakh carats of diamond jewelry annually. It will also house a state-of-the-art gold refinery facility with an annual gold refining capacity of 180 tonnes, company executives said on Saturday.
The facility is equipped with CNC machining, the latest technology-enabled chain making machines, and laser cut machines in collaboration with industry experts from Italy, USA, and Germany. The facility with 2.3 lakh square feet area will accommodate a skill development centre, design studio and R&D centre along with accommodation facility for the employees.
Malabar Gold, which has 17 retail showrooms in Telangana employing over 1000 people, plans to further expand its retail presence in Telangana. The General Park facility will majorly support the domestic and global expansion plan of the group.
Malabar Gold & Diamonds has plans to launch 97 showrooms - 60 across India and 37 overseas in FY 2023. The goal is to take the showroom tally to 373 by March 2023 with robust presence in 13 countries. The expansion plan is in line with Malabar’s aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs 75,000 crore by FY 2025, the company said in a statement.