Malabar Group Chairman M.P. Ahammad has been honoured with the Business Bhushan Award at the Lokmat Maharashtrian of the Year Awards 2026, recognising his leadership in shaping the global jewellery retail industry and strengthening organised jewellery retail markets.
The award was presented at a ceremony held at the Gateway of India in Mumbai in the presence of Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde, along with Lokmat Chairman Vijay Darda and other industry leaders, policymakers and prominent personalities.
Presented by the Lokmat Media Group, the awards recognise individuals whose leadership and achievements have significantly influenced industries and society. Ahammad’s recognition highlights his role in building Malabar Gold & Diamonds into the world’s fifth-largest jewellery retailer and the largest jewellery retailer of Indian origin.
Maharashtra remains a key market for the brand, with Malabar Gold & Diamonds currently operating 34 showrooms across major cities including Mumbai, Pune, Nagpur and Nashik. The company said the strong demand from the state has helped expand the organised jewellery retail ecosystem while generating employment and improving access to premium jewellery designs and services. The group plans to further scale its footprint to 64 stores in Maharashtra by 2029.
Founded in 1993, Malabar Gold & Diamonds has grown into a global jewellery retail network with more than 425 showrooms across 14 countries and an annual turnover of $7.36 billion. The company also allocates 5% of its profits to ESG-driven initiatives focusing on education, healthcare, housing, hunger eradication, environmental sustainability and women’s empowerment.
