Malabar Gold and Diamonds
Acquisitions
3
Major Deals Covered
$71M
Disclosed Deal Value
Malabar Gold and Diamonds's largest disclosed acquisition here is Al Barakah Gold Refinery Dubai Assets for $35M in 2019. This page covers 3 major deals from 2008 to 2019, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Kerala Gold Jewellery Manufacturing Units | 2008 | $22.0M | Acquired automated jewelry manufacturing and precision gold laser cutting units in Kozhikode, Kerala. |
| Al Barakah Gold Refinery Dubai Assets | 2019 | $35.0M | Acquired gold bullion refining and assaying assets in Dubai Multi Commodities Centre (DMCC), UAE. |
| Eham Digital Luxury Retail Platform | 2016 | $14.0M | Acquired digital e-commerce technology assets to launch omnichannel fine jewelry shopping and gold savings schemes. |
2019
$35M
Acquired gold bullion refining and assaying assets in Dubai Multi Commodities Centre (DMCC), UAE.
Secured duty-free raw gold procurement channels for Malabar's expanding retail operations across the GCC and Far East.
Lowered raw gold procurement costs and accelerated retail store expansion across UAE, Qatar, Oman, and Singapore.
2016
$14M
Acquired digital e-commerce technology assets to launch omnichannel fine jewelry shopping and gold savings schemes.
Allowed customers to purchase certified gold coins and diamond jewelry online with home delivery and store exchange options.
Expanded retail reach to millennial and non-resident Indian consumers worldwide.
2008
$22M
Acquired automated jewelry manufacturing and precision gold laser cutting units in Kozhikode, Kerala.
Brought traditional South Indian temple jewelry and 22-karat bridal jewelry manufacturing directly in-house.
Significantly lowered making charges and guaranteed BIS 916 hallmarking purity across its retail store network.
Malabar's plan centres on store openings in northern, western and eastern India, especially Tier 2 and Tier 3 cities, and new overseas markets. In June 2025 it announced 60 new showrooms and over $580 million (₹5,000 crore) of investment for FY2025-26, with entries into New Zealand and Ireland; in March 2026 it added 20 Indian stores for ~$183 million (₹1,580 crore). It is also building more manufacturing capacity and has spoken publicly about a possible IPO.
Malabar earns money by retailing gold, diamond, gemstone and platinum jewellery, charging the prevailing metal rate plus a making charge, with diamond and studded pieces carrying higher margins than plain gold. It runs its own design and manufacturing units, sells through owned showrooms and online, and takes advance-purchase deposits through gold savings schemes. Showroom expansion has been financed partly by individual investor-shareholders who hold stakes in the group, rather than through franchising.
No major acquisitions of jewellery brands are publicly reported. Malabar has expanded organically, opening its own showrooms and manufacturing units, such as the 20 Indian stores it added for ~$183 million (₹1,580 crore) in March 2026.
In June 2025 it announced over $580 million (₹5,000 crore) of investment for FY2025-26 to fund 60 new showrooms and manufacturing units.
Rather than executing massive external acquisitions of rival jewelry brands, Malabar Gold aggressively executes massive vertical integration. They have poured massive millions into building their own state-of-the-art manufacturing hubs (like the massive facility in Hyderabad). By designing and manufacturing 100% of their own jewelry in-house, they completely eliminate third-party wholesalers, massively increasing their profit margins.
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