Kerala-based jewellery retail chain, Malabar Gold has joined hands with Gujarat-based diamond trader, Mahendra Brothers to launch the diamond jewellery brand, MINE Diamonds Unlimited. The companies plan to invest Rs 3 million to launch seven shop-in-shops to be operational within two to three weeks, said a company official.
Malabar Gold has a wholesale trade in addition to retail business in Dubai and further plans to open four stores in UAE in Qatar, Saudi Arabia, Kuwait, Oman and Bahrain, added the company source.
Mahendra Brothers, a DTC (De Beers) manufacturing sightholder, marks its entry into retail sales with the JV with Malabar Gold. This is perhaps a strategic move by Mahendra Brothers to look inwards when the export markets are slowing down.