The company boasts a value of Rs 27,000 crore, but its journey was marked by numerous failures before reaching this pinnacle.
Success doesn’t happen overnight. To reach their goals, people frequently face several obstacles. Such is the story of Malabar Gold & Diamonds’ founder, MP Ahammed.
The company is currently valued at Rs 27,000 crore, but it wasn't always this way; it had many setbacks. MP Ahammed came from a family with a strong background in small business ventures.
In 1978, at the age of 20, he took the risk of starting his own business and entered the spice market. His first business dealt with coconut, coriander, and black pepper in Kozhikode, Kerala. He quickly concluded that this endeavour was unfeasible. As a result, he gave up on his spice company and started doing market research.
In his hometown of Malabar, MP Ahammed conducted market research and found that gold was the most popular option for investments and celebrations. This realisation gave rise to the notion of starting a jewellery company. He started his jewellery business under the brand name Malabar, with the main objective being to provide the society with high-quality goods at reasonable costs.
After carefully drafting a plan and winning over seven family members, MP Muhammad had to overcome the formidable obstacle of cash raising. Driven by a resolute and unshakeable enthusiasm, he took the audacious decision to sell his assets and raise Rs 50 lakh. This was Malabar Gold & Diamonds' founding. His adventure started in 1993 when their 400-square-foot flagship store in Kozhikode opened.
Using his group of talented craftspeople, Ahmed chose to produce jewels in a hands-on manner. They made their jewellery and acquired gold bars, which turned out to be a successful move. Ahmed's distinctive designs and carefully chosen collections drew a constant stream of clients, advancing the company's growth. Ahammed opened two more outlets in Tirur and Thelicherry as the momentum increased. The 400-square-foot first store in Kozhikode was replaced in 2015 by a much larger 4,000-square-foot facility.
They started offering BIS-hallmarked jewels in 1999 as a sign of their dedication to quality, giving their clients more faith in them and accelerating their rise to success.
In 2001, Malabar Gold & Diamonds opened its first store outside of India in the Gulf, capping off an incredible run of success in that country. The business then started its quick expansion process. With the launch of the company's 50th store in Riyadh in 2011, a noteworthy milestone was accomplished and its revenue surpassed Rs 12,000 crore. Malabar Gold & Diamonds opened factories in the United Arab Emirates and India in 2013, and it had 103 stores in 7 different countries.
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