Dubai: Malabar Gold & Diamonds, one of the biggest names in the UAE’s jewellery retail space, will open a new design and production facility in Modonpur, Bangladesh, in partnership with the Nitol Niloy Group. Future production will touch an estimated 6,000 kilograms of jewellery a year.
This is also the first venture of Malabar Gold and Diamonds in Bangladesh. “We hope to replicate our transparent and sustainable business model in the country and turn Bangladesh into a jewellery manufacturing hub for the global audience while contributing positively to the country, its economy and society,” said Shamlal Ahamed, Managing Director - International Operations.
The initial operations of the unit will largely focus on exports and provide numerous employment opportunities for local artisans. It is expected to create about 250 jobs. The facility, which is scheduled to open in October, will include different departments for production, including CNC cutting, chains, anklets, rings, bangles, 22K and 24K coins, as well as diamond setting.