Pure Gold invests $137m to boost retail presence

By Paul Ploumis 23 Jun 2015 Last updated at 07:40:53 GMT

NEW DELHI (Scrap Monster): Pure Gold Group- the Dubai, UAE-based jewelry retailer has announced big expansions plans to its gold business.

The company announced that it targets to invest nearly AED 500 million ($136 million) so as to raise its retail stores network to 250 by 2020. According to Pure Gold, AED 400 million will be invested in new Pure Gold stores and the balance AED 100 million in increasing the number of La Moda sunglass stores. The retail store presence will be increased from the current 15 to 50 by 2020. The investment is expected to create nearly 2,000 job opportunities, thereby bringing the total number of staff to 5,500 by 2020.

Additionally, the company will also enter into hospitality sector within the next few years. Pure Gold plans to open four-star and five-star hotels at least two years before the 2020 Dubai Expo, which is expected to attract tourists from all over the world.

Earlier in February this year, the company had announced massive expansion plans to its India business. The company had committed $150 million investment in the country, which is expected to get completed by 2017. According to Firoz Merchant, Chairman, Pure Gold Group, the infusion of funds is aimed to lift its retail, manufacturing and hospitality operations in the country.

Pure Gold Jewellers is one of the fastest growing jewellery brands with 125 stores in ten countries. They have been consistently ranked as a Superbrand by UAE Superbrand Council for five consecutive years since 2009. By combining the latest design, extensive retail experience, and a range of innovative concepts, today, Pure Gold Jewellers has become a leading jeweller in Middle East and Asia.