NE FEATURES BUREAU
MUMBAI, MAR 11
In a major recognition of entrepreneurial excellence and socially responsible leadership, M. P. Ahammad, Chairman of the Malabar Group, has been conferred the Business Bhushan Award at the Lokmat Maharashtrian of the Year Awards 2026.
- Malabar Group founder honoured for reshaping global jewellery retail and building one of the world’s largest Indian-origin brands
- Award presented by Maharashtra Chief Minister Devendra Fadnavis at a glittering ceremony near Mumbai’s iconic Gateway of India
- Entrepreneurial journey turns Malabar Gold & Diamonds into the world’s 5th largest jewellery retailer
- Purpose-driven business model allocates 5% of profits to education, healthcare, housing and women empowerment
- Expanding footprint in Maharashtra with 34 showrooms now and a target of 64 stores by 2029
The honour celebrates Ahammad’s visionary role in transforming Malabar Gold & Diamonds into one of the largest jewellery retail networks in the world, while also championing a purpose-led business philosophy that integrates growth with social responsibility.
The award was presented by Devendra Fadnavis at a grand ceremony held near Gateway of India, attended by leading policymakers, business leaders and personalities from across industries. Among those present were Eknath Shinde and Vijay Darda, along with ministers, bureaucrats and prominent figures from business and entertainment.
A Global Jewellery Success Story
Founded in 1993, Malabar Gold & Diamonds has grown into a $7.36-billion enterprise, ranking as the 5th largest jewellery retailer globally with over 425 showrooms across 14 countries.
The brand’s presence spans India, the Middle East, the Far East, the United States, the United Kingdom, Canada, Australia and New Zealand, supported by design centres, manufacturing units and wholesale operations.
Expressing gratitude for the recognition, Ahammad said: “I am deeply honoured to receive the Business Bhushan award at the Lokmat Maharashtrian of the Year Awards. This recognition reflects the collective dedication of the entire Malabar family and the trust our customers have placed in us over the years. Our journey is founded on the principle of collective growth of all our stakeholders guided by responsibility, integrity, and a commitment to creating lasting value for society while continuing to pursue excellence in everything we do.”
Maharashtra: A Strategic Growth Hub
Maharashtra has emerged as a key market for the brand, which currently operates 34 showrooms across major cities in the state. The expansion has strengthened the organised jewellery retail ecosystem while generating significant employment opportunities.
The group plans to further deepen its presence, targeting 64 stores in Maharashtra by 2029.
Business with a Social Mission
Beyond commercial success, Ahammad has championed a purpose-driven corporate philosophy, embedding Environmental, Social and Governance (ESG) commitments into the company since its inception.
The group contributes five percent of its profits to social initiatives in the regions where it operates, supporting education, healthcare, housing assistance, hunger eradication, environmental protection and women empowerment programmes.
Industry observers say the recognition reinforces Ahammad’s reputation as one of India’s most respected entrepreneurs whose leadership combines global ambition with community impact.
