(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelNew Delhi: Malabar Gold Diamonds , the world's sixth-largest jewellery retailer, opened its second UK showroom in Leicester on Thursday, marking a significant step in its expansion plans for the region. The 2,000-square-foot store , located on Belgrave Road's Golden Mile, was inaugurated by Leicester City Mayor Peter Soulsby. It showcases over 20,000 jewellery designs from 20 countries, catering to various wear categories including bridal and office, the company said in a statement.Malabar Gold, which operates 350 showrooms across 13 countries, entered the UK market a year ago with its first store in London "We have ambitious expansion plans in the UK & Europe region with immediate openings planned in Southall and Wembley in London, as well as Birmingham and Manchester," Shamlal Ahamed, Managing Director of International Operations at Malabar Gold & Diamonds, said in a statement.The company aims to capitalise on the UK's vibrant Indian sub-continent community, which appreciates handcrafted Indian jewellery, Ahamed added.Malabar Gold's expansion strategy includes strengthening its presence in existing markets and entering new countries such as South Africa, Egypt, Bangladesh, Turkey and New Zealand.The retailer emphasises responsible sourcing, using London Bullion Market Association (LBMA)-certified bullion and conflict-free diamonds. It also allocates 5 per cent of net profits towards Environmental, Social, and Governance (ESG) initiatives in each country of operation.

Source: The Times July 04, 2024 11:10 UTC