Saudi jeweller to shine with $27m GCC expansion

(Supplied image)

(Supplied image)

Saudi Arabian jewellery firm L’Azurde is to invest SAR100m (US$27m) in expanding its network of retail outlets across the GCC, it announced on Thursday.

The Riyadh-based diamond specialist said it will increase its number of stores in the Gulf from its current ten to 30 over the next three years.

L’Azurde, established in 1980, has shown an annual growth rate over the past three years of more than 30 percent, it said. With its latest expansion it aims to capture 40 percent of the Saudi jewellery market. The firm did not specify where the next crop of outlets would be located.

"The goal of our ambitious expansion in the retail sector is to provide diamond jewellery to different types of consumers and for different occasions,” L’Azurde’s executive general manager Ayman Al-Haffar said in a statement. “For example, we offer marriage sets and gem fashion sets like sapphire, rubies and pearls."

L’Azurde made the announcement during the opening of a new flagship store on the Saudi capital’s Olaya Street.

The company currently has nine outlets in Saudi and one in Al Ain, UAE.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
New Saudi snow city tests kingdom's capacity for fun

New Saudi snow city tests kingdom's capacity for fun

Mixed-gender attraction is a rare opportunity for Saudis of all...

Retail renaissance in Saudi Arabia

Retail renaissance in Saudi Arabia

The largest economy in the GCC is emerging as a lucrative retail...

In the lap of luxury: Ermenegildo Zegna's UAE ambitions

In the lap of luxury: Ermenegildo Zegna's UAE ambitions

Ermenegildo Zegna and Al Tayer Group are both respected family...

Most Discussed
sponsoredTracking