Pure Gold Jewellers Expanding to Capture Growing 22-Karat Gold Market

(IDEX Online News) – Pure Gold Jewellers is to invest $150 million in 30 new gold jewelry outlets in a bid to keep up with increased demand for 22-karat gold jewelry. The three-year expansion plan will see the opening of 17 new stores in the UAE, three each in Qatar and Saudi Arabia and two in Kuwait.

The company said the stores will offer its Genuine Price Promise (GPP) of the lowest gold prices in the market. Customers will experience transparency on gold board rate in GCC in reflection of international gold rates, in addition to guaranteed lowest making charges.

“We are expanding our presence to meet the demands of our loyal customers who will then be able to shop at more locations offering them a vast selection of 22-karat jewelry,” said Firoz Merchant, founder and chairman of Pure Gold Group.

“In 2016, I expect the gold prices to be within [the] $ 800-$1000 per ounce range, which will spur further demand and with our new stores we will be able to cater to more customers. The gold board rates and making charges will be the lowest in the market.”

The demand for 22-karat gold is driven by the Asian population in the Gulf countries, said Merchant. “Traditionally, Asians invest in gold as a safe haven and it is also an integral part of many religious festivities and weddings.”