The gold and diamond retail chain Malabar Gold & Diamonds will be investing Rs 1,600 crore in FY22 to launch 56 stores globally with 40 across India and 16 internationally in FY22 to further boost its retail presence across the globe. The move is expected to generate over 1,700 jobs.

In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala.

Internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE. This is in line with the company’s expansion plan to triple its retail network from over 250 showrooms this year to 750 outlets by 2023.

Of the total planned expansion, 12 stores have already been earmarked for opening in Q1/FY22 itself. The brand has already secured retail spaces in key markets in Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru as well as towns like Eluru, Mancherial, Solapur and Ahmednagar.

International expansion will see the brand expand its retail presence at Little India in Singapore, Kuala Lumpur and Penang in Malaysia, Ruwi, Baushar and Al Khoudh in Oman, Jeryan Jenaihat and Rawdat in Qatar, Bab al Bahrain in Bahrain and Al Zahia, Silicon Oasis, Muweilah and Dubai Gold Souk in UAE.