Officials and guests at the foundation stone laying ceremony for the new facility in Bangladesh.
Doha: Malabar Gold & Diamonds, one of the largest jewellery retailers globally with a network of over 285 outlets across 10 countries, is scheduled to open a new manufacturing facility in Modonpur, Bangladesh, in partnership with Nitol Niloy group, a leading diversified business conglomerate based in Bangladesh.
The stone laying ceremony of the facility was held on July 28, 2022, by MD Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA), in the presence of Abdul Matlub Ahmad, Chairman, Nitol Niloy Group; Shamlal Ahamed, MD - International Operations, Malabar Gold & Diamonds; Ameer CMC, Director Finance, Malabar Gold & Diamonds, management team members of both the organisations and others.
The manufacturing facility, being set up in partnership with Nitol Niloy group, is the first venture of Malabar Gold and Diamonds into the country. “We are very excited to start our journey in Bangladesh, a country offering a wide variety of opportunities and we are happy to have Nitol Niloy group as our partner in this journey. With our combined experience and expertise, 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.
The new facility will have a production capacity of 6,000 kg of gold per year with high quality and finish, utilising skilled craftsmen and the latest technologies like casting, CNC and CAD-CAM (3D). It is expected to create approximately 250 jobs. The facility, scheduled to open in October 2022, will include different departments for production including CNC cutting, chains, anklet, rings, bangles, 22K and 24K coins, as well as diamond setting.
The initial operations of the manufacturing unit will largely focus on exports and will provide numerous employment opportunities, especially for local artisans. On the joint venture with Malabar Gold & Diamonds Abdul Matlub Ahmad, Chairman, Nitol Niloy group, commented: “Malabar Gold & Diamonds is a household name among the Bangladeshi community in the GCC and Far-east. We are very excited to be diversifying our operations into jewellery sector by partnering with this brand that is synonymous with trust and quality. Through this partnership, we look forward to leveraging our business expertise in the region to add further value to the economy by generating jobs and providing skill training”
As a testament to the group’s strong focus on sustainability, this facility will also be designed to incorporate various energy-efficient and environmentally friendly features and promote clean energy. In an effort to minimise wastewater pollution, effluent water released from the plant will be subjected to three layers of sedimentation treatment and will be released only after pH levels have been balanced to an adequate extent.
Speaking on the occasion, the BIDA Executive Chairman said: “I’d like to congratulate both Malabar Gold & Diamonds and Nitol Niloy Group on this joint venture that is expected to boost Bangladesh’s jewellery exports to international markets and contribute positively to the economy. I pledge my wholehearted support to this project, including fast-tracking all the required permissions and we will also look into export incentives for jewellery export.”
Malabar Gold & Diamonds currently operates 14 manufacturing units in addition to offices and design centres across India, Middle East, Far East and the US.
