Indian jewellery giant Malabar Gold & Diamonds has revealed plans to open three stores in New Zealand, marking a significant expansion into the country. The retailer, which is the sixth-largest jewellery chain in the world, will invest $75 million to enter the New Zealand market.
Founded in 1993 and headquartered in Kerala, India, Malabar Gold & Diamonds operates over 375 stores across 13 countries worldwide.
This expansion comes on the heels of New Zealand’s economic partnership agreement with the United Arab Emirates (UAE), which took effect in January 2024. The agreement, a free trade deal, immediately removed duties on 98.5% of New Zealand’s exports to the UAE, with that number rising to 99% within three years. The trade value between New Zealand and the UAE currently stands at $1.3 billion.
M.P. Ahammed, Chairman of Malabar Group, said, “As a globally recognized jewellery retailer managing international operations from the UAE, the UAE-New Zealand economic partnership significantly strengthens our efforts to enter this new market.”
Ahmad Zakkout, New Zealand’s trade commissioner to the UAE and consul general to Dubai, also expressed optimism about the agreement’s impact, saying, “We’re excited to continue fostering investment and business opportunities between New Zealand and the UAE.”
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