Kalyan Jewellers launches Goldback credit card with Rak Bank

Leading jewellery entity Kalyan Jewellers is enhancing its consumer reach by expanding geographically and introducing new offerings. The company plans to expand its retail base and reach a 100 store count by 2015, with around 20 new stores planned to open in GCC, India, Singapore and Malaysia, reports say. Also, the company has undertaken an innovative move, tying up with Rak Bank, national bank of Ras Al-Khaimah, to launch 'Goldback' - a co-branded credit card in the region of UAE, reports say.

The Kalyan Jewellers Master Card is acceptable globally for purchase and cash withdrawals and carries a unique Gold back scheme, where loyalty points at up to 7 per cent can be earned on purchases and international cash withdrawals.

The points are valid for 15 months redeemable at Kalyan Jewellers showrooms in the UAE, for jewellery purchase. There is also a zero percent easy payment plan on diamond and gold jewellery which can be accessed through the card.

Existing Kalyan Jewellers customers in the GCC region can collect Gold back from other purchases and redeem it at Kalyan Jewellers’ stores, reports say.

The company’s expansion will involve opening a showroom in Chennai, designated as the world’s largest jewellery showroom, reports say. The company intends to close the financial year March 31, 2015, with regional sales of Dh600 million. It is also investing in a design and production facility at the Sharjah Free Zone in the UAE, reports say.