Pure Gold Jewellers expands into Saudi Arabia and Sri Lanka
- Saudi Arabia: Tuesday, December 04 - 2012 at 14:15
- PRESS RELEASE
Award winning jewellery retailer Pure Gold Jewellers now operates in eight countries after making its much anticipated entry into Saudi Arabia and Sri Lanka. In Saudi Arabia, the company is opening a total of six stores in Jeddah, Dammam and Riyadh.
Speaking about the company's expanding geographical footprint, Karim Merchant, CEO and MD of Pure Gold Jewellers, said: "We are excited to start operations in Saudi Arabia and Sri Lanka. Saudi Arabia, being the largest jewellery market in the region, will be a key market for us in the Middle East. We are commencing operations in Saudi Arabia with six stores at the moment and we plan to increase it to over 10 stores within a year's time and then take it to 50 stores within the next three to four years."
The size of the jewellery market in Saudi Arabia is estimated to be around SR3bn in sales and can be attributed to higher purchasing power, better standard of living, large population and busy periods like Ramadan, Hajj and summer holidays that benefit retailers.
Speaking about the Sri Lanka market, Merchant said: "Sri Lanka is renowned for its rare and precious stones often sought by Royalty. It is a fascinating country with strong potential for the jewellery industry especially on the back of a thriving tourism sector. We are starting in Sri Lanka with five stores which will all be fully operational over the next three months and eventually we plan to open ten stores in accordance with our Chairman's vision to be present in key tourist destinations in Asia."
The entry into new markets has cemented Pure Gold Jewellers' reputation as a leading jewellery retailer with a strong international presence.
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