Dubai’s Pure Gold in $75m expansion

Dubai jewellery retailer Pure Gold is to invest US$75m expanding into Jordan, Sri Lanka, India, Maldives and Saudi Arabia this year, a move which will increase its number of outlets to more than 130 worldwide, it was announced on Wednesday.

“2012 was a year of great achievements for us as we entered four new countries – Saudi Arabia, Sri Lanka, Jordan and Maldives, taking our total number of markets to ten,” said Firoz Merchant, Chairman, Pure Gold Jewellers.

“In 2013, we will continue to build on our success and expand further to become a household name internationally. Our US$75m expansion plan will focus on being present in high population density cities,” he added.

Last year, Pure Gold reported 18 percent year-on-year growth and already has over a 100 stores in Oman, Kuwait, Bahrain, Qatar and India.

It is planning 30 new stores this year in Jordan, Sri Lanka, India, Maldives and Saudi Arabia and in August 2012 said it was also looking at expanding into Turkey, Morocco and Lebanon.

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