Pure Gold Jewellers experiences 20 % growth in Q1 2012
- United Arab Emirates: Monday, May 14 - 2012 at 13:11
- PRESS RELEASE
The first quarter revenue of award winning jewellery retailer Pure Gold Jewellers show an increase of 20% compared to the corresponding period last year. Of the revenue increase, approximately 28% was due to higher volume sales in diamond jewellery and around 19% is attributed to gold jewellery sales.
By performance, the company's leading markets are UAE, India, Qatar and Kuwait. In the first quarter the company opened four new stores in the UAE and one additional outlet in Qatar. Pure Gold Jewellers invested more than $8m in setting up the five new stores.
According to Firoz Merchant, Chairman of Pure Gold Jewellers, "We will continue to focus on developing our brands and expanding our geographical reach. Our new store openings are in line with our plan to hit a target of 250 stores by 2015. This year we also plan to open another 15 stores mainly in Saudi Arabia, Qatar and India."
"We are also actively looking to buy established retail operators in the Middle East and India to fuel our expansion plan. Going forward there are possibilities of consolidation in the jewellery industry where bigger players will eventually hold greater market share," he added.
The six new stores are located in Dubai Mall, a brand new store in Abu Dhabi Mall, Fujairah City Center and Dragon Mart in the UAE; and Souk Wagif in Qatar.
The company was recently awarded the Dubai Service Excellence Scheme award for 'Best Service Performance' under the large business category and is the only company to have won the award four times in the same category.
"Our customers see real tangible value in our offering of the best quality products and designs at the lowest prices with third party certification and lifetime exchange policy. We will build on the positive response from our customers and aim to be present all major locations," said Karim Merchant, CEO & Managing Director, Pure Gold Jewellers.
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