Pure Gold set to diversify

Dubai: Pure Gold, a leading Dubai-based jewellery group, will launch real estate and luxury fashion businesses this year as the company seeks to benefit from fast growth in the two sectors in Dubai.

The company will have two property projects in Dubai's Meydan development and one in Ajman.

"Altogether we have plans to launch Dh1 billion worth of projects this year," Chairman Feroz Merchant said.

"I can see Dubai's property sector growing for another 10 to 15 years. Without this confidence, I would not be starting the real estate business," he said.

He said the company is also adding a chain of luxury sunglasses stores to its jewellery business.

The stores will sell 10 to 15 top brands, including Bvlgari, Chanel, Versace and Dior.

"We have already decided locations for three stores. This project will be launched by the end of this month. We are going to have 15 stores by the end of 2008 and by 2010 you will see 50 stores across the UAE," Merchant said.

The company, which is increasing its focus on the luxury retail, plans to invest between Dh75 million and Dh100 million in these stores.

Good returns

"We are already in the jewellery fashion business. This country provides good returns in high-end retailing. There is a large local customer base and the tourist segment is also growing," Merchant said.

Pure Gold recently signed an agreement with Abu Dhabi Duty Free for setting up exclusive airport stores. It will have one store each at three terminals.

"We are also looking at other airports in the region. Negotiations are going on with one major airport," Merchant said.

The jewellery chain has 60 stores in the Gulf region, with 45 of them in the UAE. By 2010, it plans to have 100 outlets across the Gulf region.