Author: Paul Ploumis02 Feb 2015 Last updated at 06:42:09 GMT
NEW DELHI (Scrap Monster): Pure Gold Group- the Dubai, UAE-based jewelry retailer has announced big expansions plans to its India business. The company announced that it targets to invest nearly $150 million in India over the next three years. The investment is aimed to fund the Pure Gold’s retail, manufacturing and hospitality operations in the country. Firoz Merchant, Chairman, Pure Gold Group added that the current investment is expected to be completed by 2017, after which the second phase of its Indian investment drive will be announced.
According to Pure Gold, long term investors in gold will benefit much from the company’s expansion plans. It believes that gold prices have eased enough and will begin to rise from here. The rise in gold prices will boost consumer confidence. Though gold prices are likely to remain extremely volatile in the immediate near term, the basic gold trend continues to remain upswing. The company believes that the rising confidence in gold prices will aid their expansion plans.
Pure Gold currently has 25 jewelry retail outlets in India. It plans to expand its retail presence across the country by opening new stores in unrepresented towns and cities. The company currently has two manufacturing facilities in the country. The funds will be also utilized to increase the capacity of the manufacturing facility. Additionally, it also plans to make entry to the country’s hospitality sector.
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.