Pure Gold plans Indian focus
Dubai-based jeweller Pure Gold Group plans to invest US$150 million on store roll-outs and expanding manufacturing facilities in India.
Middle and upper class Indians love gold – to the point India’s government places restrictions on imports into the country to prevent cash outflow.
As the per capita income of India’s population grows, more and more people are entering the middle class and see gold as both a status symbol and a safe investment.
Pure Gold Group currently has 25 jewellery retail stores in the country, part of a 125-strong network internationally spanning 10 countries. It has not been specific about how many stores the newly announced investment will fund, but says it will target cities in which it is not yet represented.
Funds will also be directed into expanding its existing two manufacturing facilities to supply its growing retail network and wholesale customer base.
Chairman Firoz Merchant says the current investment is expected to be completed by 2017, after which further capital funding will be announced.
Pure Gold has been ranked a Superbrand by UAE Superbrand Council for the last five consecutive years. It attributes its success to combining latest design trends, extensive retail experience and innovation.