The exhibition, facilitated by film producer Anant Singh and Video Vision Entertainment, includes 12 sculptures depicting the life of Mandela and will be showcased at the mall until July 22.
Nilesh Singh, head of communication and media at Video Vision Entertainment, said the idea behind the exhibition was to create an everlasting legacy for Madiba.
"This commemoration allows us to look at Madiba’s life, follow his example, live our lives and find the Mandela within us," he said.
Singh said the life-like sculptures would attract members of the public to come over and take selfies.
"It's as good, if not better, as being at Madame Tussaud's [wax museum], and most importantly it's created by a Durban-based artist,” he said.
A shy and humble Gumede thanked people for coming to see the exhibition of sculptures, which he started creating in January.
"The aim of the exhibition is to take the public on a journey through Mandela’s life, showcasing key milestones," the artist said.
Gumede’s younger sister, Ayanda Ncwane, was beaming with pride at her brother's achievement.
"Lungelo has done exceptional work creating the life of Madiba since he was born.
"What is outstanding about today is that Lungelo is remembering the icon of our lifetime, a man who brought so much change on our continent," she said.
Yolande Mattison, Pearls Mall's retail manager, said: "We are excited that we are the first to host Lungelo with the exhibition.
"If people want to see a South African with lots of talent, they’ve got to come down to view the Mandela waxwork exhibition."