M.P. Ahammed (Nov. 1, 1957) is an Indian business magnate and the chairman of Malabar Group, the most known is the establishment of the largest diamonds and gold stores business chain in the world, Malabar Gold and Diamonds. Ahammed is a shining example of resilience and a strategic vision in the commercial world of India, as he started a business with one person and a spice shop and turned an unorganized industry into a brand that experienced a turnover of 53,000 Crores (6.2 billion dollars) in 2024.
Early Life
M.P. Ahammed was born on 1 November 1957 in Kozhikode in Kerala state in India to Mammad Kutty Hajee and Fathima. Ahammed developed at an early age to enter the world of commerce since he grew up in a family of merchants and landlords. The death of his father when Ahammed was 24 years old forced him to take charge of his mother and sisters (five of them) and this created his resolve to struggle. Having been brought up in a culturally-rich Malabar area, he had an entrepreneurial streak within him and he launched his own business venture when he was 17 years old. This enthusiasm to find potential gaps was triggered in his childhood when he had the exposure to busy markets in Kozhikode.
Education
Ahammed did his schooling in Government High School at Kozhikode, a city he excelled in business at an early age. He subsequently studied a Bachelor of Commerce at University of Calicut and emerged out with a good knowledge of financial principles. The formal education was like a structure, but the experiences of Ahammed in business and market analysis trading made him business-like and prepared to go through the event of his entrepreneurial adventure.
Career
Ahammed entered the business venture when he established an agro-products company that dealt with cardamom, pepper, and coconuts at the age of 17. At the age of 24, in 1981 he tried his hand at spice and copra trading but failed and at one point he lost 17 lakh of money, when a company in Mumbai called Cococare defaulted. This lesson showed him how important it is to brand and make him switch to a more secure industry. Ahammed, through several research in the market came up with an unorganized jewelry market as an innovative opportunity. He launched Malabar Gold in the year 1993 in a 200-square-foot store in Kozhikode with a fund of 50 lakh raised by friends and relatives. His early growth targeted Malayali expatriates in the Middle East who were offered 15 percent interest on debentures which would be converted into shares later.
Renamed as Malabar gold and diamonds in 2012, the company launched the 22 carat gold to help cut costs and improve the value to its customers and the BIS-hallmarked jewelry in 1999 which ensures transparency. In 2012, the turnover of the company was 12000 crores which brought it to 22000 crores by the year 2013 and then 53000 crores by 2024. Malabar Gold & Diamonds has more than 350 retail outlets in nine countries, which include India, Middle East, Southeast Asia, and the U.S. Malabar has more than 21 000 employees. Ahammed also diversified the Malabar Group into real estate (Malabar Developers), retail (Travancore shopping complex, India first green sweetly mall) and organic Farming (Green Thumb). His innovations as a customer-friendly company, which include buyback policies, lifetime maintenance, etc, were industry standards.
The malabar charitable trust, a philanthropic organization by Ahammed has the Hunger Free World project, which has donated 41000 meals in 70 cities of India, and the Grandma Homes, which houses the less fortunate women. The organization gives 5 per cent of profits to social areas, where they fund education, healthcare, and women empowerment.
Personal Life
Ahammed is a married man to K.P. Subaida, and they have two kids namely Shamlal Ahammed who is the Managing Director of International Operations, and Soujath Asher, who is married to Asher O. who heads India operations at Malabar Gold & Diamonds. He stays connected to his roots as he lives in Kozhikode and works on his family life in addition to his business and his charitable work.
Achievements and Recognition
- The founder of Malabar Gold & Diamonds was having a turnover of of 53,000 crore by 2024
- First launched BIS-hallmark in Kerala (1999)
- It had opened the first green mall in India, Travancore shopping complex (2014)
- One of the Top 100 Influential Indian Muslims (2024)
- Donated 11 lakh rupees to the National Relief fund of Prime minister
- Established as a company with ethical business conducts and international growth of Malabar Group
