Our Bureau
London
Kerala-based Malabar Gold and Diamonds, Kalyan Jewellers and Joyalukkas have figured in the list of 2023 Global Powers of Luxury Goods released by Deloitte. Malabar Gold, being on the 19th position, enters the list for the first time. It is also ranked as the first among Indian brands. Kalyan Jewellers stood at 46th position globally, whereas Joyalukkas was close at the 47th position in the list.
Senco Gold, and Thangamayil Jewellery have also debuted on Deloitte’s Global Powers of Luxury Goods rankings that list the top 100 luxury brands worldwide. India is the world’s second-largest market for gold jewelry, with more than half of sales related to weddings.
India’s jewellery sales scaled 32.8% in 2022, propeling these retailers into Deloitte’s Global Powers of Luxury Goods rankings, according to a report by the consulting firm. Italy continues to be the leading geography with 23 luxury goods companies (32.4% of Top 100), but they only accounted for 7.8% of luxury goods sales. In comparison, 7 French companies accounted for nearly one-third of the Top 100 luxury goods sales in In FY2022.
Malabar Gold & Diamonds is an Indian jewellery group headquartered in Kozhikode, Kerala. The company was founded by M. P. Ahammed in 1993. As of May 2023, it owns more than 330 showrooms across 11 countries, making it one of the largest chains of jewellery retailer in the world.
According to the report, Luxury goods companies have not only rebounded to pre-pandemic profitability levels but are also undergoing a significant transformation towards an environmentally responsible, circular economy business model. LVMH Group (Louis Vuitton), a French brand, takes the first place. Another French company, Kering, which owns brands like Gucci, secured second position in the list.
