Malabar Gold & Diamonds has been recognised with the prestigious India Gold Conference (IGC) Responsible Jewellery House Award for 2023-24. The award, presented at a ceremony in Bangalore, highlights the company’s dedication to ethical sourcing, sustainability, and responsible business practices in the global jewellery sector.
Recognition for Ethical Sourcing
The award acknowledges Malabar Gold & Diamonds’ commitment to sourcing gold and diamonds from legitimate and responsibly mined origins. This ensures that each piece of jewellery meets strict standards of purity and integrity. Speaking at the event, Malabar Group Chairman, M.P. Ahammed reinforced this dedication, stating, “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.”
O. Asher, Managing Director of India Operations at Malabar Gold & Diamonds, further explained the company’s sourcing process, emphasising their use of only legally obtained and certified gold bars, including London Bullion Market Association (LBMA) quality-certified London Good Delivery Bars (LGDB), Dubai Good Delivery Bars (DGDB), and HUID-hallmarked Indian Good Delivery Bars. He added, “Malabar Gold & Diamonds has already established itself as a trusted jewellery brand worldwide.”
Corporate Responsibility and Compliance
With operations across 13 countries and a network of over 355 showrooms, Malabar Gold & Diamonds employs more than 21,000 individuals from 26 different nationalities. The company has implemented strict compliance policies in all of its operating regions, ensuring adherence to local regulations, including anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.
Abdul Salam K.P, Vice-Chairman of Malabar Group, commented on these initiatives, noting that “the policies we have enacted in the avenues of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) have enabled us to position ourselves as a brand that is an integral part of society. These policies are routinely strengthened to remain a socially conscious and responsible organisation.”
Commitment to ESG and CSR Initiatives
Since its inception in 1993, Malabar Gold & Diamonds has placed a strong emphasis on Environmental, Social, and Governance (ESG) goals, allocating 5% of its profits to various corporate social responsibility (CSR) initiatives. These efforts are focused on key areas such as health, hunger relief, housing, education, environmental conservation, and women’s empowerment. The company’s CSR initiatives, such as the ‘Hunger-Free World’ project and the ‘Grandma Home’ project, have contributed significantly to society, with over INR 250 crore already invested in these programmes.
Shamlal Ahamed, Managing Director of International Operations, highlighted Malabar’s efforts to incorporate sustainable practices across its global operations, stating, “The tenets of ethical and responsible business practices are something we have strongly adhered to here at Malabar Gold & Diamonds since our inception. From using only the most sustainably sourced raw materials in our jewellery to incorporating numerous environment-friendly features across our showrooms and offices, we have strived to be a model organisation that embodies the spirit of a responsible brand.”
