Malabar Gold and Diamonds has announced its foray into a new mini jewellery store format branded Pink Chic.

Through the new brand, the company not only expects to attract young and trendy consumers of today, but also expand its market share among the region's gold and diamond jewellery retailers, reported the Gulf Daily News.

The launch of Pink Chic is part of the company's three-year ambitious expansion programme launched last year that will see an investment of $326 million to increase its retail network from 100 to 220 by 2015, when Malabar Gold and Diamonds expects to become the world's largest gold and diamond jewellery retailer.

The company plans to spread Pink Chic in 100 locations within three years across the GCC including mini jewellery stores and kiosks in shopping malls and hotels.

"Pink Chic is the realisation of a long-drawn strategy to attract more and more young and trendy women and widen our jewellery offerings to a wider audience," Malabar Gold and Diamonds chairman M P Ahammed said.

"It is part of our massive expansion plan that will see the company transform from a regional business entity to a large global corporation that caters to all tastes and cultures."

The target clientele is the youth that doesn't buy jewellery from conventional jewellery stores.

"Malabar Gold and Diamonds has historically been serving the high-demand gold jewellery market driven by South Asian community for a long time," managing director Shamlal Ahammed said.

"The launch of Pink Chic will help internationalise our brand image and attract a wider cosmopolitan customer base that is expected to drive our growth and expansion."

Malabar Gold and Diamonds has sourced Pink Chic collections from various parts of the world like Europe, Far East and Asia.

The company said the designs have been inspired by the spirit of the youth and young adults - what they would love in jewellery. Its collections are created in gold, diamonds, pearls and silver - different from what traditional jewellery stores have to offer.

Another jewellery retail concept currently in its testing phase is also being explored by the group.

This concept is named 'Jawhara', with the first outlet open in The Avenues, Kuwait. This concept targets the discerning Middle Eastern women.

In addition to venturing into new businesses, the group is also enhancing and strengthening its existing verticals - Malabar Developers (property development arm) and Malabar Watches (multi-brand watch store) by opening new projects and stores in major cities across India.

The Pink Chic collection is available in the price range of $100-$1,000. – TradeArabia News Service