Malabar Gold & Diamonds Records $282m Akshaya Tritiya Sales Amid 30% Growth

Malabar Gold & Diamonds reported a record turnover of $282 million (Dh1.03 billion) during the recent Akshaya Tritiya festival, marking a 30 percent increase in sales compared to the previous year. The surge in transactions across its 350 global outlets comes despite gold prices hovering near record highs during the traditional buying period. Global Volume Growth The retailer processed over 250,000 transactions during the festival, which is considered a mascot for prosperity and an auspicious time for gold purchases among the South Asian community. The growth was driven by a diversified product mix and a 15 percent increase in footfall across the company’s retail network spanning the UAE, GCC, India, and North America. Operating out of 13 countries, Malabar Gold & Diamonds stated that the sales performance was supported by a notable rise in diamond and precious gem jewelry demand. This shift helped offset the impact of volatile gold pricing, which has faced fluctuations due to geopolitical tensions and shifts in US Federal Reserve interest rate expectations. Expansion and Market Strategy The company currently ranks as the world’s sixth-largest jewelry retailer. The…