Malabar Gold & Diamonds, the responsible jeweller proudly announces the opening of its newest showroom in Bangur Nagar, Goregaon (West), Mumbai.  This store  is bound to become the largest jewellery showroom in Goregaon spanning an impressive 5000 sqft.  The space aims to provide customers with an unparalleled jewellery shopping experience, complete with spacious interiors and ample parking. The showroom also promises a premium experience with the inclusion of a privileged lounge as well as in-house diamond experts simultaneously featuring an extensive range of designs and collections. This milestone highlights the brand’s continued commitment to strengthening its presence in India.

The showroom marks the brand’s 29^th outlet in Maharashtra, further solidifying its leadership in the region. The showroom was inaugurated by Mrs. Vidhya Jaiprakash Thakur, hon’ble MLA of Goregaon Vidhansabha in the presence of Mr. Fanzeem Ahmed, Regional Head, West Zone, Management Team Members,  customers and well-wishers. 

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With a global footprint of over 375 plus showrooms across 13 countries—including India, the Middle East, the USA, the UK, Canada, and Australia—Malabar Gold & Diamonds is renowned for its wide-ranging collections, exceptional quality, and customer-centric approach. Backed by a dedicated team of 22,000 multilingual employees across 26 countries, the brand has served over 15 million satisfied customers worldwide.

The new showroom offers an extensive collection of gold, diamond, platinum, and gemstone jewellery, designed to suit various tastes and occasions. From traditional designs that reflect India’s cultural heritage to contemporary styles for modern sensibilities, the showroom caters to diverse preferences.

In a statement marking the momentous occasion, MP Ahammed, Chairman of Malabar Group, stated, “We are thrilled to announce the launch of our new showroom in Mumbai, a city known for its larger-than-life people and opulent lifestyles. At Malabar Gold & Diamonds, we take pride in creating jewellery that celebrates life’s most cherished moments. With an unwavering commitment to quality, ethical business practices, and customer satisfaction, we are excited to present our exceptional collections to Bangur Nagar, Goregaon, and look forward to giving the residents an absolutely fantastic shopping experience.”

The showroom is designed to provide a premium shopping experience, with elegant displays and a highly trained team to guide customers in selecting their perfect jewellery. 

This showroom launch underscores Malabar Gold & Diamonds’ vision of becoming the world’s most preferred jeweller, combining traditional craftsmanship with modern innovation to create timeless pieces while prioritising sustainability and societal well-being.

Wealthy Russians are increasingly turning to investment-grade diamonds, with purchases of polished stones rising by 60% last year, according to VTB, the country’s second-largest bank. This surge in demand is attributed to the government’s decision to abolish VAT on diamond purchases, which has made gemstones a more attractive investment option.

Oksana Semenenko, vice president at VTB and head of its private banking division, explained that the rarity and uniqueness of diamonds make them especially appealing during times of rising financial market instability and tighter investment restrictions. Many affluent clients are now incorporating alternative investments, including diamonds, into their portfolios, typically allocating 5-10% of their assets to these tangible assets for diversification.

This shift comes amid increasing sanctions from the G7 and restrictions on Russian currency, which have impacted Russian diamond exports. In response, Alrosa, the state-run diamond mining giant, is turning to alternative markets to sell its goods. The company’s Diamond Exclusive program focuses on polishing its largest and highest-quality diamonds, particularly stones of 3 carats or more, to be sold directly to investors through partnerships with VTB and other financial institutions.

Australian mining company Newfield Resources is on track to bring in a new partner for its Tongo diamond deposit in Sierra Leone. Newfield has entered into a non-binding term sheet with ACA Resources, another Australian-based miner, to oversee the mine’s operations.

If the deal is finalized before June, ACA will assume control of all mining activities at Tongo, charging Newfield a fee per carat of diamonds produced. Both companies are committed to making the Tongo mine a long-term, sustainable producer of high-quality diamonds in Sierra Leone.

Newfield acquired the Tongo mine in March 2018 for $23.6 million through its purchase of London-based Stellar Diamonds. Prior to Newfield’s acquisition, the mine was owned by Israeli businessman Beny Steinmetz, through Koidu Holdings, where he held a controlling stake.

In May 2022, the first diamond sales from Tongo, totaling 5,200 carats, earned an average price of $262 per carat. Since then, Newfield has invested $80 million into the mine, including the construction of 2 kilometers of underground infrastructure. The mine is expected to have an eight-year life, with peak annual diamond production estimated at 260,000 carats by the fifth year of operations.