Malabar Gold & Diamonds, one of the world’s largest gold and diamond jewelry retailers, donated AED10 million ($2.72 million) to Al Jalila Foundation to support research in genetic diseases and disorders as part of the company’s CSR initiatives.

Malabar Gold & Diamonds, whose operations are spread across nine countries, spends 5 percent of its earnings on CSR activities.

M.P. Ahammed, chairman of Malabar Group, handed over a AED10 million to the board of trustees of Al Jalila Foundation at a ceremony.

“It gives me immense pleasure to announce our small and humble contribution of AED10 million to Al Jalila Foundation to support research in genetic diseases and disorders in the UAE, which has developed so much in such a short time,” Ahammed added.

“Needless to say that we are also blessed with and inspired by the vision of Sheikh Mohammed bin Rashid Al-Maktoum, VP & PM of the UAE and ruler of Dubai, who has created a safe haven for businesses and people to live and work in harmony regardless of their cultural, religious and social differences,” he added.

Malabar Gold & Diamonds is the flagship company of Malabar Group, a major diversified Indian business conglomerate. The company, owned by more than 1,700 shareholders, has more than 9,000 professionals working for its continued success. It was ranked among the top five jewelry retailers globally.

Established in 1993 in the south Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of 145 outlets spread across nine countries, 10 wholesale units in addition to offices, design centers and factories spread across India, the Middle East and the Far East.

With an annual turnover of $4 billion, the company currently ranks among the world’s top five jewelry retailers in terms of annual turnover.