Internationally renowned jeweller Malabar Gold and Diamond Company will begin exporting products worth $25 million from Bangladesh per year as the brand is setting up a factory in Madanpur, Narayanganj.
The factory will open a new manufacturing unit by October this year and start exports from early next year, a senior official of the project said.
The manufacturing facility, which is being set up in partnership with Nitol Niloy Group, a diversified business conglomerate in Bangladesh, is the first venture of Malabar Gold and Diamonds in the country.
"It will invest up to $100 million in the next three years and is expected to create approximately 250 jobs initially," said Abdul Matlub Ahmed, chairman, Nitol Niloy Group.
The new facility will have a production capacity of 600 kilogrammes of high-quality gold per year, utilising skilled craftsmen and the latest technologies like casting, CNC and CAD-CAM (3D).
The facility, which is scheduled to open in mid-October 2022, will include different departments for production, including CNC cutting, chains, anklets, rings, bangles, 22K and 24K coins, as well as diamond settings.
Abdul Matlub Ahmad said the initial operations of the manufacturing unit will largely focus on exports and will provide numerous employment opportunities, especially for local artisans.
"We are very excited to be diversifying our operations into the jewellery sector by partnering with this brand synonymous with trust and quality. Through this partnership, we look forward to leveraging our business expertise in the region to add further value to the economy by generating jobs and providing skill training," he said.
Malabar Gold & Diamonds is one of the largest jewellery retailers globally with a network of over 285 outlets spread across 10 countries. Malabar Gold & Diamonds currently operates 14 manufacturing units in addition to offices and design centres spread across India, the Middle East, Far East and the USA.
Recently, the government has given the initial licence to establish a refinery to Bashundhara Group at an investment of Tk5,600 crore.
Diamond World has applied to set up another refinery.