Photo: Facebook / Moninder Singh
Indian jewellery giant Malabar Gold & Diamonds has unveiled plans to open three stores in New Zealand.
The sixth-largest jewellery retailer in the world said it would invest $75 million to enter the New Zealand market.
Founded in 1993 and headquartered in the southern Indian state of Kerala, Malabar Gold & Diamonds operates more than 375 stores in 13 countries worldwide.
The retailer's expansion follows New Zealand's comprehensive economic partnership agreement with the United Arab Emirates, which came into effect in January 2024.
The free trade agreement immediately lifted duties on 98.5 percent of New Zealand's exports to the UAE, increasing to 99 percent within three years.
Trade between New Zealand and the UAE is currently valued at $1.3 billion.
"As a globally recognized jewellery retailer managing its international operations from the UAE, the comprehensive economic partnership agreement (CEPA) between the UAE and New Zealand significantly bolsters our efforts to enter this new market," said M.P Ahammed, chairman of Malabar Group.
Ahmad Zakkout, New Zealand's trade commissioner to UAE and consul general to Dubai and Northern Emirates, said it was encouraging to see the agreement drive increased trade and investment between the two countries.
"We're excited to continue fostering investment and business opportunities between New Zealand and the United Arab Emirates," Zakkout said.
Malabar Gold & Diamonds, the flagship company of Malabar Group, made its Australian debut last year with a store in Sydney.
"New Zealand is a market brimming with potential, offering us an exceptional opportunity to connect with a diverse customer base that appreciates the artistry, quality and authenticity synonymous with Malabar Gold & Diamonds," said Shamlal Ahamed, managing director of international operations at Malabar Gold & Diamonds.
