28th Aug 2024 Mumbai, Maharashtra, India Malabar Gold & Diamonds, one of the world’s largest jewelry groups, has been honored with the prestigious India Gold Conference (IGC) Responsible Jewellery House Award for 2023-24. This accolade, one of the most esteemed in the Indian jewelry sector, recognizes Malabar Gold & Diamonds for its unwavering commitment to ethical sourcing and sustainability.
The award acknowledges Malabar Gold & Diamonds’ dedication to procuring responsibly mined gold and diamonds from legitimate sources, ensuring that every piece of jewellery is crafted with the highest standards of purity and integrity. On behalf of Malabar Gold & Diamonds, O. Asher, Managing Director of India Operations, received the award from Dr. Sundaravalli Narayanswamy, Chairperson of the India Gold Policy Centre, at a function held at the Hilton Manyata Business Park, Bangalore. Also in attendance were Sitaraman Varadarajan, Head of Business Development at Malabar Gold LLC; Dileep Narayanan, Head of Bullion at Malabar Gold & Diamonds; Sunil Kashyap, Director of Finmet PTE Ltd; Praveen Baijnath, CEO of Rand Refinery; and Filsor Babu, Karnataka Regional Head of Malabar Gold & Diamonds.
Speaking on the occasion, Malabar Group Chairman, M.P. Ahammed, expressed his gratitude and reaffirmed the company’s commitment to ethical practices. He said, “We are deeply honoured to receive the Responsible Jewellery House Award from IGC. Gold and diamonds are treasured gifts, often exchanged during life’s most joyful moments, such as weddings and birthdays. We are committed to ensuring that these precious materials are ethically sourced, from legitimate origins, free from exploitation. Only then can these gifts truly embody the sanctity, purity, and brilliance they symbolize. We uphold this commitment from the moment gold is mined to the final product reaching our customers.”
O. Asher, Managing Director of Malabar Gold & Diamonds India Operations, highlighted the company’s adherence to legal and tax regulations in every country it operates. “We ensure that the gold bars we buy and sell are responsibly sourced and fully legal. We use London Bullion Market Association (LBMA) quality-certified London Good Delivery Bars (LGDB), Dubai Good Delivery Bars (DGDB), and HUID-hallmarked Indian Good Delivery Bars. Malabar Gold & Diamonds has already established itself as a trusted jewellery brand worldwide,” O. Asher said.
Malabar Gold & Diamonds currently operates 355 stores across 13 countries, employing around 21,000 people from 26 different nationalities. With more than 15 million satisfied customers from over 100 countries, the company offers world-class facilities in all its stores. Through its ‘One India One Gold Rate’ initiative, Malabar Gold & Diamonds ensures uniform gold pricing across India.
The Malabar Group also stands out for its significant contributions to corporate social responsibility (CSR). Since its inception, the Group has allocated 5% of its profits to various CSR initiatives. Notable projects include the ‘Hunger-Free World’ initiative, providing meals to those in need, and the ‘Grandma Home’ project, offering shelter and care to destitute women. Additionally, the Group supports medical aid for the underprivileged, house construction assistance, educational scholarships for girls, and financial aid for the marriages of young women from economically challenged backgrounds. To date, more than INR 250 crore has been spent on these impactful initiatives.