Pure Gold Jewellers Sees Double-Digit Growth in 2013

(IDEX Online News) – Dubai-based jewelry retailer Pure Gold Jewellers recorded double-digit growth in 2013. The company said its growth was buoyed by lower gold prices and better than expected sales performance during the Dubai Shopping Festival, Eid and Diwali.

“Growing consumer confidence and tumbling gold prices resulted in higher sales for us in 2013. Low prices also gave us more room to offer better bargains to customers,” said Firoz Merchant, chairman of Pure Gold Jewellers. “This year we also entered Saudi Arabia and Sri Lanka and we have experienced significant growth in those markets.”

After venturing into high-end jewelry retail with the opening of the Arianna Fine Jewellery concept store at Burj Al Arab, Dubai, the company is looking forward to expanding its presence in the Gulf Cooperation Council (GCC) countries.

“In 2014, we look forward to expanding our presence in GCC,” added Merchant. “We plan to open 15 new stores primarily in Qatar, Kuwait and Saudi Arabia; and two new stores for our newly launched Arianna Fine Jewellery in the UAE. By 2018, we plan to double the number of our existing 125 stores and current revenues.”

Pure Gold Group recently announced a plan to invest heavily in the UAE, almost AED 500 million ($136 million) in the UAE with AED 425 million ($116 million) in the jewelry business.