August 27 :
Malabar Gold & Diamonds, the 6th largest jewellery retailer globally with over 355 showrooms across 13 countries, has been honored with the prestigious India Gold Conference (IGC) Responsible Jewellery House Award for 2023-24. This accolade, one of the most esteemed in the Indian jewellery sector, recognizes Malabar Gold & Diamonds for its unwavering commitment to ethical sourcing and sustainability.
The award acknowledges Malabar Gold & Diamonds' dedication to procuring responsibly mined gold and diamonds from legitimate sources, ensuring that every piece of jewellery is crafted with the highest standards of purity and integrity. Mr. O. Asher, Managing Director of India Operations, Malabar Gold & Diamonds received the award from Dr. Sundaravalli Narayanswamy, Chairperson of the India Gold Policy Centre, at a function held at Bangalore, India. Also in attendance were Mr. Sitaraman Varadarajan, Business Development Head at Malabar Gold & Diamonds, Mr. Dileep Narayanan, Bullion Head at Malabar Gold & Diamonds, Mr. Sunil Kashyap Director of Finmet PTE Ltd, Mr. Praveen Baijnath, CEO of Rand Refinery, and Mr. Filsor Babu, Karnataka Regional Head at Malabar Gold & Diamonds.
Speaking on the occasion, Malabar Group Chairman, M.P. Ahammed, expressed his gratitude and reaffirmed the company’s commitment to ethical practices. "We are deeply honored to receive the Responsible Jewellery House Award from IGC. Gold and diamonds are treasured gifts, often exchanged during life’s most joyful moments, such as weddings and birthdays. We are committed to ensuring that these precious materials are sourced ethically, from legitimate origins, free from exploitation. Only then can these gifts truly embody the sanctity, purity, and brilliance they symbolize. We uphold this commitment from the moment gold is mined to the final product reaching our customers.”
“The tenets of ethical and responsible business practices are something we have strongly adhered to here at Malabar Gold & Diamonds since our inception. From using only the most sustainably sourced raw materials in our jewellery to incorporating numerous environment-friendly features across our showrooms and offices, we have strived to be a model organization that embodies the spirit of a responsible brand.”, commented Mr. Shamlal Ahamed, Managing Director of International Operations at Malabar Gold & Diamonds.
Malabar Gold & Diamonds currently operates over 355 showrooms across 13 countries, employing around 21,000 people from 26 different nationalities. With more than 15 million satisfied customers from over 100 countries, the company offers world-class facilities in all its showrooms.
O. Asher, Managing Director of Malabar Gold & Diamonds India Operations, said. 'We ensure that the gold bars we buy and sell are responsible and fully legal. We use London Bullion Market Association (LBMA) quality certified London Good Delivery Bars (LGDB), Dubai Good Delivery Bars (DGDB) and HUID Hallmarked Indian Good Delivery Bars. Malabar Gold and Diamonds has already become a trusted jewellery brand in the world', O. Asher said.
“Throughout all of the 13 countries that Malabar Gold & Diamonds currently operates in, we have taken great care to ensure that the entirety of our operations is in strict compliance to the rule of land. The policies we have enacted in the avenues of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) have enabled us to position ourselves as a brand that is an integral part of society. These policies are routinely strengthened to remain a socially conscious and responsible organization”, commented Mr. Abdul Salam K.P, Vice-Chairman of Malabar Group.
ESG (Environmental, Social & Governance) initiative has been the primary commitment of Malabar Group since its inception in 1993, with 5% of net profits set aside towards such initiatives in each country of operations. The key focus is in the areas of Health, Hunger Free World, Housing, Education, Women Empowerment & Environment. The ESG goals of the organization are periodically strengthened to remain a socially conscious and responsible organization.
Editor’s Note
Malabar Gold & Diamonds was established in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.
With an annual turnover of $6.2 billion, the company currently ranks as the 6th largest jewellery retailer globally and today has a strong retail network of over 355 outlets spread across 13 countries in addition to multiple offices, design centres, wholesale units, and factories spread across India, Middle East, Far East, the USA, the UK, Canada & Australia. The group, owned by more than 4,000 shareholders, has more than 21,000 professionals from over 26 countries working towards its continued success.
Malabar Gold & Diamonds also features an online store www.malabargoldanddiamonds.com providing customers the opportunity to purchase their favorite jewellery at any time and on any day from the comfort of their homes.
ESG (Environmental, Social & Governance) has been the primary commitment of the group since its inception. The key ESG focus areas of Malabar Group are Health, Housing, Hunger Free World, Education, Environment and Women empowerment. Integrating the principles of responsibility and sustainability into its core business, Malabar Group periodically strengthens its ESG goals to remain a socially conscious and responsible organization. The group contributes 5% of its profit to such initiatives in the same country of operation.
