Jewellers plan big for next financial year following demand revival, duty cut
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Malabar Gold & Diamonds plans to open 90 stores in India and abroad in 2021-22 at an estimated investment of Rs 2,700 crore. The company wants to increase the number of stores to 750 by 2023 from 260 at present, chairman Ahammed MP told ET. “Our plan is to take the turnover to Rs 50,000 crore by 2023. In the last fiscal, our turnover was Rs 27,000 crore,” he said.
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KOLKATA: The reduction in import duty on gold by 5 percentage points and the revival in demand since Diwali last year has prompted jewellers such as Malabar Gold & Diamonds, Joyalukkas and PNG Jewellers to plan expansion of their retail footprint in the next financial year.