Dubai retailer launches Saudi, Sri Lanka ops

Dubai-based retailer Pure Gold Jewellers has expanded its reach into Saudi Arabia and Sri Lanka.

The company said in a statement that it now operates in eight countries.

In Saudi Arabia, the retailer is opening a total of six stores in Jeddah, Dammam and Riyadh, it added.

In Sri Lanka, the company has signed up for five outlets in Colombo and Kandy, which will all be operational within the next few months.

Pure Gold said Sri Lanka was the first step towards the company's long term plan to establish a strong presence in tourist destinations such as Maldives, Seychelles and Mauritius.

Karim Merchant, CEO and managing director of Pure Gold Jewellers, said: "We are excited to start operations in Saudi Arabia and Sri Lanka.

"Saudi Arabia, being the largest jewellery market in the region, will be a key market for us in the Middle East.

"We are commencing operations in Saudi Arabia with six stores at the moment and we plan to increase it to over 10 stores within a year's time and then take it to 50 stores within the next three to four years."

Speaking about the Sri Lanka market, Merchant added: "Sri Lanka is renowned for its rare and precious stones often sought by royalty.

"We are starting in Sri Lanka with five stores which will all be fully operational over the next three months and eventually we plan to open ten stores in accordance with our chairman's vision to be present in key tourist destinations in Asia."

The Dubai jeweller has two factories in India and one in China employing over 1,500 personnel.

It also has branches in Oman, Kuwait, Bahrain, Qatar and India.

Earlier this year, Pure Gold said it is set to enter new markets this year on the back of double digit growth in 2011.

The company has also revealed its plans to establish 25 outlets in Turkey, Jordan, Morocco and Lebanon by the end of 2012.