Mumbai, India:M.P. Ahammad, Chairman of the Malabar Group, has been conferred the prestigious Business Bhushan Award 2026 at the Lokmat Maharashtrian of the Year Awards, in recognition of his visionary leadership and remarkable contribution to transforming the global jewellery retail industry.
The grand awards ceremony was held at the historic Gateway of India in Mumbai, bringing together prominent policymakers, industry leaders, business pioneers, and celebrated personalities from across sectors.
The honour was presented in the presence of Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde, along with several ministers, senior bureaucrats, and distinguished guests. Also present at the ceremony was Mr. Asher O, Managing Director – India Operations, Malabar Gold & Diamonds, along with other leaders of the organization.
The Lokmat Maharashtrian of the Year Awards celebrate individuals whose leadership, innovation, and achievements have significantly influenced industries while contributing positively to society. Mr. Ahammad’s recognition highlights his extraordinary entrepreneurial journey and his pivotal role in building Malabar Gold & Diamonds into one of the most respected jewellery brands in the world.
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Under his leadership, Malabar Gold & Diamonds has grown to become the fifth-largest jewellery retailer globally and the largest jewellery retailer of Indian origin, setting benchmarks in customer trust, transparency, and responsible business practices.
Chairman’s Statement
Expressing gratitude upon receiving the award, Mr. M.P. 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 and hard work of the entire Malabar family and the trust that millions of customers have placed in us over the years. Our journey has always been guided by responsibility, integrity, and a commitment to creating lasting value for society while striving for excellence in everything we do.”
A Global Success Story
Founded in 1993, Malabar Gold & Diamonds has emerged as a pioneer in responsible and transparent jewellery retail. Over the years, the company has played a significant role in employment generation, strengthening the organized retail ecosystem, and providing customers with world-class jewellery designs and services.
Today, the brand stands as a global ambassador of Indian craftsmanship and heritage, operating more than 425 showrooms across 14 countries. The company has successfully integrated the entire value chain—from design and manufacturing to retail—redefining the modern jewellery industry.
Strong Presence in Maharashtra
Maharashtra remains one of the most important markets for Malabar Gold & Diamonds. The brand currently operates 34 showrooms across major cities in the state, contributing to local employment and strengthening the organized jewellery ecosystem.
The group has ambitious expansion plans and aims to increase its presence to 64 showrooms in Maharashtra by 2029, further enhancing customer access to quality jewellery designs and services.
Commitment Beyond Business
Beyond commercial success, Mr. Ahammad has championed a purpose-driven business model, embedding CSR and ESG (Environmental, Social and Governance) commitments at the heart of the organization since its inception.
The Malabar Group consistently allocates 5% of its profits to social welfare initiatives, supporting programs in education, healthcare, housing, hunger relief, environmental protection, and women’s empowerment, positively impacting communities across regions where the company operates.
The Business Bhushan Award further reinforces Mr. Ahammad’s reputation as one of India’s most respected business leaders whose visionary leadership, ethical values, and commitment to social responsibility continue to inspire future generations of global entrepreneurs.
Malabar Gold & Diamonds, established in 1993, is the flagship company of the Malabar Group, a leading diversified Indian business conglomerate.
With an annual turnover of approximately $7.36 billion, the company ranks among the top five jewellery retailers globally and operates over 425 showrooms across 14 countries. The group also maintains offices, design centers, wholesale units, and manufacturing facilities across India, the Middle East, the Far East, the United States, the United Kingdom, Canada, Australia, and New Zealand.
Owned by more than 3,500 shareholders, the group employs over 30,000 professionals representing more than 26 nationalities.
Malabar Gold & Diamonds also operates an online retail platform allowing customers worldwide to purchase jewellery through its digital store.
The group has expanded into specialized retail concepts including:
• MGD – Lifestyle Jewellery, offering modern and lightweight jewellery designed for the contemporary woman.
• Mojawhraty by Malabar, a retail concept designed specifically for Arabic audiences, blending traditional elegance with modern design.
Environmental, Social, and Governance (ESG) principles have remained central to the group’s philosophy since its inception. The company’s major ESG initiatives focus on healthcare, housing support, hunger eradication, education, environmental sustainability, and women’s empowerment.