M.P. Ahammad, Chairman of Malabar Group, has been conferred the prestigious Business Bhushan Award at the Lokmat Maharashtrian of the Year Awards 2026, recognising his leadership in building one of the world’s largest jewellery retail brands.
The award ceremony was held at the iconic Gateway of India in Mumbai and was attended by Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde and Lokmat Chairman Vijay Darda, along with policymakers, industry leaders and prominent personalities from business and entertainment.
Presented by the Lokmat Media Group, the awards recognise individuals whose vision and leadership have significantly shaped industries while contributing to society. Ahammad’s recognition highlights his role in expanding Malabar Gold & Diamonds into the world’s fifth-largest jewellery retailer and the largest jewellery retailer of Indian origin.
For consumers, Maharashtra has emerged as a key market for the brand, with 34 showrooms currently operating across cities including Mumbai, Pune, Nagpur and Nashik. The company said the expanding retail network has improved customer access to a wide range of jewellery designs and services. The group plans to expand its footprint in the state to 64 stores by 2029.
Founded in 1993, Malabar Gold & Diamonds now operates more than 425 showrooms across 14 countries with an annual turnover of $7.36 billion. The group also allocates five percent of its profits to CSR initiatives focused on education, healthcare, housing support and women’s empowerment across regions of operation.
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