National News
Malabar Gold & Diamonds Unveils ₹5,000 Crore Global Expansion Plan for FY2026
Aims for ₹78,000 Crore Revenue with 60 New Showrooms Across 15 Regions
Malabar Gold & Diamonds, one of the world’s largest jewellery retailers, has announced an ambitious expansion strategy, committing an investment of ₹5,000 crore to fuel its business growth in FY2026. The brand aims to significantly increase its footprint by opening 60 new showrooms across 15 geographies, including both domestic and international markets.
The company is targeting a revenue of ₹78,000 crore for the current financial year, up from ₹63,000 crore last year. M.P. Ahammed, Chairman of Malabar Group, said, “We have a comprehensive strategy to expand our retail and manufacturing network. Our goal is to reach ₹78,000 crore in turnover this year, backed by a ₹5,000 crore investment into new showrooms and infrastructure.”
Asher O, Managing Director – India Operations, reaffirmed the brand’s commitment to its home market, noting that India continues to offer the largest growth potential. “We are enhancing our presence across existing and new regions, aiming to be in 22 States and 3 Union Territories by the end of the financial year,” he said.
Internationally, Malabar Gold & Diamonds currently operates in 13 countries and is set to enter two new markets—New Zealand and Ireland—within the year. According to Shamlal Ahamed, Managing Director – International Operations, these expansions are part of the brand’s strategy to strengthen its global presence and tap into new customer bases.
With this aggressive growth plan, Malabar Gold & Diamonds is positioning itself as a formidable force in both Indian and international jewellery markets.
India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.
The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion
Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.
Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.
The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.
While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.
Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.
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