Malabar Gold & Diamonds, one of the country’s largest gold and diamond retail chains, said it had laid the cornerstone for constructing its Malabar Gems and Jewellery manufacturing unit in Telangana on Saturday. The company’s press release said the factory would be the group’s largest jewellery manufacturing unit. Telangana IT and Industry Minister K T Rama Rao laid the cornerstone for the manufacturing plant.

The 3.7-acre manufacturing facility at General Park in Maheshwaram near Rangareddy district is scheduled to be operational soon. It said it would have the capacity to produce 10 tonnes of gold jewellery and 1.5 lakh carats of diamond jewellery annually.

It will also have a state-of-the-art gold refinery with an annual refining capacity of 180 tonnes. The factory will feature a variety of jewellery, including gold, diamonds, gemstones, platinum and uncut diamonds.

Malabar Gold & Diamonds will invest Rs 750 crore to build a manufacturing facility and refinery in the state. According to the press release, about 2,750 jobs are expected to be created.

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Commenting on the groundbreaking ceremony, Malabar Group Chairman Ahmed MP said: “The upcoming establishment of a manufacturing unit in Telangana will further strengthen our manufacturing capabilities and our retail expansion drive. We thank the Telangana government for providing all possible support to help us set up the Maheshwaram manufacturing unit.