Malabar Gold & Diamonds, the world’s fifth largest jewellery retailer, has marked a major milestone by launching two new flagship showrooms in the UK: one in Birmingham and another in Southall. The Birmingham outlet, spanning 5,700 sq. ft., stands as the brand’s largest UK store and was inaugurated by Bollywood icon Kareena Kapoor Khan. These new stores not only reinforce Malabar’s growing presence in the British market—now operating in Birmingham, Leicester, Southall, and Green Street (London)—but also set the pace for further launches in Manchester and London, with ambitions to soon enter Ireland and France as part of a broader European push.
Global Expansion and Financial Strength
Malabar’s 2025 blueprint is its boldest yet, aiming for 48 new stores and several relaunches across 14 countries. Noteworthy among these: 14 new additions in India, 14 across the Middle East, a new flagship in Auckland (New Zealand) inaugurated by the Prime Minister, two new stores in Malaysia, four across North America, and continued leadership in emerging and traditional jewellery markets. This expansion is powered by robust financials.
Financially, Malabar is setting new benchmarks with an annual turnover surpassing ₹63,000 crore (~$7.5 billion) in FY25, on track for ₹78,000 crore in FY26. The company’s EBITDA margin rose to 8.6% for FY25—well above sector averages—with strategic reinvestment into manufacturing and workforce growth fueling robust and sustainable expansion. In 2024, revenue was ₹51,218 crore, and the workforce already scattered across 27,250 staff in 15 countries and over 22 Indian states.
The company’s customer-centric “Malabar Promise” emphasizes transparent pricing, responsible snourcing, and lasting value, supporting a reputation as India’s fastest-growing global luxury retailer.
Check out their future plans:
Competitive Movements: Tanishq, Kalyan, and Others
Malabar’s aggressive trajectory comes amid heightened competition. Titan’s Tanishq is in the midst of its own international surge, with plans to open 18 global stores—mainly in the Gulf and US—showcasing Indian craftsmanship on the world stage. Meanwhile, Kalyan Jewellers will open 170 showrooms in 2025–26 (90 under the core Kalyan brand, 80 under Candere), including seven overseas locations, leveraging a franchise-led expansion model to boost scale and reduce debt. PN Gadgil, Joyalukkas, and Senco Gold also continue to innovate with omnichannel retail strategies and new designer collaborations, keeping India’s $90+ billion jewellery sector dynamic and resilient.
Startups Fuel Innovation: New Entrants and Funding
Amidst this big-brand expansion, a vibrant wave of homegrown startups is reshaping the jewellery landscape:
- GIVA: Raised ₹530 crore ($61.5M) in 2025 Series C funding (led by Creaegis), now operating 240+ stores and planning 145–150 more across rising Tier II cities, diversifying into gold and lab-grown diamonds.
- Melorra: Backed by $88M in expansion funding, focuses on digital-first, contemporary jewellery and operates pan-India experience centers, aiming for $1B revenue in five years.
- Nuyug: Secured ₹2.5 crore pre-seed (led by AJVC), targeting the mass-premium market with skin-safe, gold-toned “celebration-wear”; hit ₹1 crore ARR in eight months, distributing on their own D2C site plus Myntra, Nykaa Fashion, and Amazon.
- Palmonas: Raised ₹55 crore in Series A (Vertex Ventures), scaling their demi-fine jewellery brand with rapid sales growth, and joined by digital native brands like Aukera and Amama in the lab-grown and festival/casual segment.
Riding India’s Booming Jewellery Market
India’s jewellery industry remains the world’s second largest, projected to grow from $90 billion in 2024 to $150 billion by 2033 (CAGR: 5.2–5.9%). This growth is underpinned by cultural reverence for gold, increasing disposable incomes, and exploding demand for both traditional and contemporary designs, especially among Gen Z and millennials. Organized traceable players like Malabar are consistently gaining market share from unorganized jewellers.
Investors’ enthusiasm for these digital disruptors reflects shifting consumer tastes—towards everyday luxury, D2C convenience, innovative designs, and sustainability.
