Curated By: Business Desk
Last Updated: October 09, 2023, 12:55 IST
The first store of Malabar Gold & Diamonds was opened in Kozhikode in 1993.
MP Ahammed, at the onset of his career, noticed that gold was the predominant choice for both investment and festive occasions.
Success doesn’t happen overnight. One often overcomes numerous setbacks to reach their goals. Such is the story of Malabar Gold & Diamonds’ founder, MP Ahammed. Today, the company boasts a value of Rs 27,000 crore, but its journey was marked by numerous failures before reaching this pinnacle. MP Ahammed hailed from a family deeply rooted in small-scale business endeavours.
At the tender age of 20, he embarked on his own entrepreneurial journey by venturing into the spice industry in 1978. Operating in Kozhikode, Kerala, he initially dealt with black pepper, coriander, and coconut. After a brief period, he realised that this venture wasn’t viable. Consequently, he abandoned his spice business and transitioned into conducting market research.
During his market research in his hometown of Malabar, MP Ahammed noticed that gold was the predominant choice for both investment and festive occasions. This observation sparked the idea of venturing into the jewellery business. Under the brand name Malabar, he initiated his jewellery enterprise with the primary goal of delivering quality products to the community at fair prices.
With a well-thought-out plan and the persuasion of seven relatives, MP Ahammed faced the significant challenge of raising capital. Fueled by determination and unwavering passion, he made the bold choice to liquidate his assets, raising a sum of Rs 50 lakh. This marked the inception of Malabar Gold & Diamonds. In 1993, his journey began with the opening of their first 400-square-foot store in Kozhikode.
Ahammed decided to take a hands-on approach to jewellery production by utilising his team of skilled artisans. They procured gold bars and crafted jewellery in-house, a move that proved to be a winning strategy. Ahmed’s unique designs and curated collections attracted a steady stream of customers, propelling the business forward. As the momentum grew, Ahammed expanded by opening two additional stores in Tirur and Thelicherry. In 2015, the original 400-square-foot store in Kozhikode gave way to a much larger 4,000-square-foot establishment.
In a commitment to quality, they began selling BIS-hallmarked jewellery in 1999, instilling confidence in their customers and further propelling their ascent toward success.
Following its remarkable success in India, Malabar Gold & Diamonds made its international debut in 2001 by opening its inaugural store in the Gulf region. Subsequently, the company embarked on a rapid expansion journey. In 2011, a significant milestone was achieved with the opening of the 50th store in Riyadh, with the company’s turnover reaching Rs 12,000 crore. By 2013, Malabar Gold & Diamonds had established a presence with 103 outlets across 7 countries, along with the establishment of factories in both India and the UAE.
