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Malabar Gold & Diamonds is an Indian jewellery group headquartered in Kozhikode, Kerala. The company was founded by M. P. Ahammed in 1993. [ 2 ] As of May 2023, it owns more than 330 showrooms across 11 countries, making it one of the largest chains of jewellery retailer in the world.
It has over 200 stores in India and a presence in the Middle East, with stores in the UAE, Qatar, Oman and Kuwait. The company's international expansion aims to cater to the Indian diaspora . In 2014, Warburg Pincus picked up a minority stake in Kalyan Jewellers for ₹ 700 crore and a second tranche of ₹ 500 crore in 2017.
Under his guidance, the brand introduced the standardization of gold with the 916 purity certification, which has become a widely adopted benchmark in the Indian jewellery industry. Jos Alukkas is also known for pioneering the concept of "gold supermarkets," which are large-format stores featuring extensive collections of jewellery.
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In the early 1990s, India's exchange crisis was resolved, and Titan Company shifted the focus of the brand to the Indian market. A pilot plant was set up in August 1992 and the production began in 1994, and Tanishq's first store opened in 1996 at Chennai Cathedral road. Tanishq was the first jewellery retail chain in India. [5]
Best Indian Diamond Jewellery of the Year by Retail Jeweller Middle East innovation Awards (2019) [21] Listed as the 69th richest Indian in Forbes India’s Richest List [ 22 ] (2022) Joy Alukkas climbed to the position of richest jeweller in India with a rank of 50, his estimated net worth is $4.4 billion.
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The government tried to buy the collection for a mere amount of $25 million. [2] Fifteen years later, India's Supreme Court finally fixed a price of about $65 million, much less than the estimate of $350 million by Sotheby's. [3] The biggest largest share ($20 million) went to Nizam's 1st grandson Mukarram Jah. [3]
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