RAPAPORT... Pure Gold Jewellers, a Dubai-based jewelry retailer, reported double digit sales growth in 2013. While the retailer didn't provide hard totals, stronger sales were driven by lower gold prices and better than expected performance during the Dubai Shopping Festival, Eid and Diwali.
“Growing consumer confidence and tumbling gold prices resulted in higher sales for us in 2013. Low prices also gave us more room to offer better bargains to customers,” stated Firoz Merchant, the chairman of Pure Gold Jewellers. “This year we also entered Saudi Arabia and Sri Lanka, and we have experienced significant growth in these markets.”
Merchant also noted that the company will expand next year within the Gulf Cooperation Council (GCC), or countries bordering the Persian Gulf. Pure Gold Jewellers will open 17 new stores in Qatar, Kuwait, Saudi Arabia and in the United Arab Emirates (UAE).
The retailer will also invest approximately $136.1 million (AED 500 million) in the UAE with $115.7 million (AED 425 million) in the jewelry business and $20.4 million (AED 75 million) in its La Moda Exclusives high-end sunglass retail chain. Pure Gold Jewellers hopes to have 250 stores, double its current number, by 2018.
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