In keeping with the increased demand for 22 karat gold jewellery, Pure Gold Jewellers will invest USD 150 Million in 30 new gold jewellery outlets to be opened in GCC countries offering the company’s Genuine Price Promise (GPP) of 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.

The expansion plan will be completed over a period of three years. This will see the opening of 17 new 22kt gold jewellery stores in the UAE, three each in Qatar and Saudi Arabia; five in Oman and two in Kuwait.

Announcing the USD 150 Million plan, Firoz Merchant, Founder and Chairman of Pure Gold Group, said: “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 jewellery. In 2016, I expect the gold prices to be within USD 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 as per our Genuine Price Promise to give our customers transparency, savings and latest designs.”

In UAE, Pure Gold Jewellers plans to open five new showrooms in Abu Dhabi, seven in Dubai, two in Sharjah, and one each in Ras Al Khaimah, Fujairah and Ajman. In Saudi Arabia, stores are planned to be opened in Dammam, Riyadh and Jeddah.

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