Pure Gold Jeweller's reports more than 55% growth for H1 of 2008

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.

Pure Gold Jewellers was recently honored by the Dubai Department of Economic Development with the 'Best Service Performance Brand' award in the large business category, its second award in the last year after receiving the 'Best Service Performance Outlet' award in 2007.

'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.

Mr. 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 Jeweller's 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.

The company has also reported that it plans to diversify and expand its portfolio. This includes Pure Gold Properties, a collection of real estate in prestigious property developments such as Meydan City, the Lagoons, and the Dubai Waterfront. In addition, the company recently launched a collection of designer and luxury sunglass boutiques that will be opening throughout the region. The sunglass collection, known as La Moda, has already opened its first store at the Westin in Dubai and plans to open its doors at 10 additional locations before the end of 2008 in the UAE.