Pure Gold to invest US$ 150 Million in 30 new retail

In a major expansion plan, the Pure Gold has decided to invest US$ 150 million in 30 new gold jewellery outlets to be opened in GCC countries. This, the retailer said, was decided keeping in view “the increased demand for 22 K gold jewellery”. As a result, the company’s “Genuine Price Promise, GPP, of lowest gold prices in the market”, will be offered to a wider group of jewellery consumers, the company indicated. “Customers will experience transparency on gold board rate in GCC in reflection of international gold rates, in addition to guaranteed lowest making charges. 

 Pure Gold is going to complete this over a period of three years and  the expansion plan will see the opening of 17 new 22K gold jewellery stores in the UAE;  three each in Qatar and Saudi Arabia; five in Oman and two in Kuwait. In the UAE, five new showrooms will open in Abu Dhabi; seven in Dubai; two in Sharjah; and one each in Ras Al Khaimah, Fujairah and Ajman. In Saudi Arabia, stores are planned to be opened in Dammam, Riyadh and Jeddah. 

As Firoz Merchant, Founder and Chairman of Pure Gold Group, elaborates, “We are expanding our presence to meet the demands of our loyal customers who will then be able to shop at more locations offering them a vast selection of 22K jewellery. In 2016, I expect the gold prices to be within US$ 800- 1000 per ounce range which will spur further demand and with our new stores we will be able to cater to more customers.”