Business | Markets
GCC-based jeweller posts 55% growth
Pure Gold Jewellers reported more than a 55 per cent increase in revenues during the first half of 2008 compared to one year ago.
- Staff Report
- Published: 19:59 July 22, 2008
Dubai: Pure Gold Jewellers reported more than a 55 per cent increase in revenues during the first half of 2008 compared to one year ago.
With 75 stores open throughout the GCC region and plans to enter the Asean and Chinese market, the company is expecting even greater returns by the end of 2008.
"We saw gold prices drop during the end of the first quarter, which was to be expected with the volatility of the global marketplace. This is mainly due to inflationary pressure, oil prices and the global political climate.
"In March, we predicted that gold prices would turn bullish, as they have, and we expect them to remain so in the long run," said Pure Gold Jewellery's Chairman, Firoz Merchant.
Merchant noted that in addition to precious metals, investors are turning to diamonds as another safe investment, which has also boosted sales for the jewellery retailer.
Growth in gold and diamond sales for Pure Gold Jewellers was reported across the board, which in addition to the UAE, includes the company's markets in Kuwait and Oman.
Pure Gold Jewellers' plans to expand into the Asean and Chinese markets are underway and the company is expecting its first store to open at Singapore's highly frequented Suntec Mall on the 25th of September.
Singapore will become the jeweller's regional hub.
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