NewswireToday - /newswire/ -
Dubai, UAE, United Arab Emirates, 2006/03/12 - Pure Gold, a major player in both local and international jewellery retailing consolidates its position in the industry as it injects AED 200 million in investment, further strengthening its expansion plans in the region in 2006
It recently opened a new branch in Muscat City Centre in Oman and will be opening new stores in Kuwait, Qatar and Bahrain by the end of the year. Also scheduled to open are four new shops in leading locations in UAE namely, Lamcy Plaza, Reef Mall, Marina Mall and Uptown Mirdif. With the opening of 30 additional stores in the region, Pure Gold’s overall network of stores will total to more than 60 by end of 2006.
The aggressive expansion campaign is expected to increase Pure Gold’s sales by more than 50%.
While gold jewellery retail continues to be the major seller for the company, Pure Gold projects to take on a significant share from the diamond market. It aims to become the largest and most respected diamond jewellery brand in the country this year.
Firoz Merchant, Chairman of Pure Gold Jewellers revealed, “In order to support our regional expansion strategies, we have tripled our marketing budget this year. Also in the pipeline is our plan to launch 5 in-house and international brands.”
Part of its aggressive expansion campaign is the construction of a diamond manufacturing plant in India which will begin its operations in March. Employing more than 250 workers, the factory will furnish the company’s increasing store requirements.
Pure Gold has recently made a bold move to diversify its brand by franchising non-jewellery high-end international brands. “This year, we are increasing our network in India not only in the jewellery business. We shall launch a new exclusive franchise business in the country with Versace as our first brand and have scheduled to open new stores in Mumbai and Delhi by middle of the year and more shops in other key cities of India by December 2006,” says Merchant.
From humble beginnings as bullion traders in 1989, Pure Gold has become a major player in the region’s local and international jewellery retailing.
“We highly acknowledge and appreciate our company’s growth to the UAE leaders’ unwavering support to the business community. It definitely plays a major role in Pure Gold’s remarkable performance throughout the years, Merchant concludes.”