From selling spices to building Rs 51,000 crore empire: Meet MP Ahammed, the man behind Malabar Gold and Diamonds
MP Ahammed, born on November 1, 1957, to Mammad Kutty Hajee and Fathima in Kozhikode, Kerala, is a prominent Indian businessman renowned for founding Malabar Gold and Diamonds. This successful venture has grown into one of the world¡¯s largest jewelry retail groups, with a staggering turnover of Rs 51,000 crore. MP Ahammed's journey is a testament to his entrepreneurial spirit and dedication.
Early Life and Education
MP Ahammed's journey began in his hometown of Kozhikode. He completed his schooling at the Government High School in Kozhikode and later earned a Bachelor of Commerce degree from the University of Calicut. Even as a child, MP Ahammed showed an interest in business, which set the stage for his future success.
MP Ahammed's Early Career
Before making his mark in the jewelry industry, MP Ahammed ventured into the agro-products business at the age of 24. Initially, he dealt with spices and copra but faced challenges that led to a decline in the business. Despite these setbacks, MP Ahammed's reputation as a trustworthy and transparent businessman continued to grow.
The Birth of Malabar Gold and Diamonds
In 1993, M. P. Ahammed took a significant leap by starting Malabar Gold. Initially focusing on gold bars and jewelry manufacturing, he faced the challenges of establishing a new brand in a competitive market. His dedication paid off, and by 2012, the company was rebranded as Malabar Gold and Diamonds. The company's success began with its first store and soon expanded to other towns in Kerala, including Tirur and Tellicherry.
Innovations and Growth
M. P. Ahammed was instrumental in bringing BIS-hallmarked jewelry to Kerala in 1999, ensuring quality and transparency in gold standards. His innovative approach helped the brand establish a strong foothold in the market. Over the years, Malabar Gold and Diamonds expanded internationally, opening its first store in the Gulf region in 2001. By 2011, the company had opened its 50th store and achieved impressive sales figures. A News18 report states that the company is valued at Rs 27,000 crore.?
The Deloitte Global Powers of Luxury Goods ranking evaluates global sales and brand value in sectors like jewelry, apparel, watches, and beauty products. Malabar Gold & Diamonds has made it onto this prestigious list due to its outstanding performance in both global sales and brand value, marking a major achievement for the brand.
Deloitte's report also highlights the rapid changes in India¡¯s jewelry retail sector, the world's second-largest market. In this evolving landscape, Malabar Gold & Diamonds stands out as a leader, celebrating 30 years of excellence with a wide range of contemporary and traditional jewelry styles.
Global Expansion
Under MP Ahammed's leadership, Malabar Gold and Diamonds continued to expand globally. The company¡¯s retail network grew to 103 outlets across seven countries by 2013. By 2016, the company had opened its 150th store, and in 2017, the 200th store in Dubai marked a significant milestone. The company¡¯s global presence has only strengthened since then, with new showrooms opening across various countries. According to the company's website, it is the fastest-growing business group in the world, with an annual turnover of $6.2 billion (about Rs 51,907 crore) and a team of over 21,000 people globally.?
MP Ahammed's Contributions and Philanthropy
Beyond his business achievements, MP Ahammed is also known for his philanthropic efforts. He contributed Rs 11 lakh to the Prime Minister's National Relief Fund and supported various charitable initiatives, including providing scooters to handicapped individuals and economic assistance to underprivileged women through the Pratyaasha program.
The Family of MP Ahammed
MP Ahammed¡¯s family includes his wife, Ms. Subaida K.P., and their two children, Shamlal Ahammed and Ms. Soujath Asher.?Shamlal Ahammed, MP Ahammed¡¯s son, serves as the Managing Director of International Operations at Malabar Gold and Diamonds.?Ms. Soujath Asher, his daughter, is married to Mr. Asher O., who holds the position of Managing Director for India Operations at the company.?The Ahammed family plays a crucial role in the management and growth of Malabar Gold and Diamonds, contributing significantly to the company¡¯s success and global reach.
MP Ahammed's journey from a small-town businessman to the founder of a Rs 51,000 crore turnover jewelry empire is a remarkable story of vision, hard work, and innovation. His leadership in expanding Malabar Gold and Diamonds into a global jewelry powerhouse highlights his entrepreneurial prowess and commitment to excellence.
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