Pure Gold Jewellers announce first half 2005 results

According to the World Gold Council, the rapidly developing tourism industry is estimated to reach 12 million visitors to Dubai by 2014. With approximately 90% of the current 5 million tourists visiting gold and jewellery stores, the industry will continue to play a significant role as an internationally recognized gold and jewellery centre.

Pure Gold Jewellers, one of the top three players in jewellery market share announced its first half sales results for 2005 indicating the steady growth of the gold and diamond market in the region. Comparing to its first half sales in 2004, Pure Gold's diamond sales have increased by 225% along with gold sales.

"2005 has, so far, been a highly successful year for Pure Gold. This year's sales increase is reflective of the concentration on the diamond and gold industry in Dubai, the increase in tourism expected by the UAE government and the change in perception when buying diamonds and gold "said Mr. Firoz Merchant, Chairman of Pure Gold Jewellers.

Pure Gold attributed the high sales to the commitment to its expansion plans throughout the UAE. With branches spread across the country, Pure Gold plan to open 10 new stores and 20 Pure Sparkle locations within the UAE, with an estimated investment of AED50 million by end of 2005. Pure Gold's extensive expansion plan includes stores in Bin Hendi Avenue (Deira City Centre), two stores in The Mall of Emirates and Marina Mall in Abu Dhabi.

Mr. Firoz Merchant adds "The gold and diamond industry has changed course over the past 5 years, today gold is seen as a fashion accessory and not only for investment purpose, and the popularity of diamond jewellery has increased dramatically. We expect this along with several other factors to continue to increase our sales"

Pure Gold's credited the prediction of its sales results over the next half of 2005 to the rising population of UAE as a result of the booming real estate projects that are anticipated to be complete in New Dubai.

Commenting on Pure Gold's strategy for continued success Mr. Firoz Merchant said "We are persistently achieving and exceeding our goals. The gold and diamond market is extremely competitive within the region and we are committed to being one step ahead of our competitors to set the standard of quality, creative designs, excellent customer service and offering highly competitive prices and exchangeability options"

Pure Gold Jewellers completed their fifteen year in 2003. The jeweller's success, from modest bullion traders to expansion into both local and international jewellery retailing is the result of the far-sighted policy of the management team and the continual support of the UAE government.

"Our industry is heavily supported by the UAE government, without this support the gold and diamond industry, along with many others, would not have advanced this quickly or steadily" adds Mr. Firoz Merchant.