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November 28, 2017 | 14:30 | Dubai
They say, “diamonds are a girl’s best friend,” and considering the value Pure Gold Jewellers has been offering this November, it may be time to add some new best friends to your life. Pure Gold Jewellers has offered an additional 10% above market value back to customers who wish to exchange their old gold jewellery for Pure Gold Jewellers’ diamond jewellery collections until November 28th. Chose eye catching diamond pieces from the collections including Pure Sparkle, Eternity and Solitaire.
We interacted with Mr. Karim Merchant, Managing Director and CEO, Pure Gold Jewellers on the brands plans, initiatives and his view on Gold going ahead.
– You’ve recently launched a campaign around the diamond jewellery collection. Could you provide some further insights into this?
We have devised a unique promotion whereby a customer can exchange their previous purchase of gold jewellery and receive a 10% higher market value back on the standard rate of gold, when purchasing diamond jewellery, only at our stores. It’s a fantastic promotion that ensures the customer is rewarded for the exchange. Our Eternity, Solitaire, Illusuion and Pure Sparkle diamond collections have many stunning pieces, so it’s not just great value, customers also get to take home exceptionally high-quality diamond pieces too.
– Gold prices have been range bound for quite a while now facing strong resistance around the USD 1300 level. Do you see this trend continuing in the coming year?
Yes, I think this trend is likely to continue into the new year. Most markets will break for the season’s holiday soon, so I don’t expect much volatility at least until the end of the year.
– What could possibly trigger a breakout anytime soon?
Of course, many things can affect the market. To name a few, political instability in key markets, war in the Middle east, the North Korea issue, or sudden and unexpected economic changes, especially from the US economy, can all make a significant impact.
– How’d you see the impact of the introduction of VAT in the coming year on overall jewellery demand trends? Do you see that as a possible bump in the coming months or is a pent up demand making up for the initial hiccups expected?
Overall, I feel VAT will be very well received, but possibly with an extended adjustment period, which may continue for a couple of quarters or more. Let’s not forget, 5% is one of the lowest VAT rates in the world and the government has declared VAT refunds for tourists, so it will still be beneficial for people to make purchases.
– On your operations, how many stores are you currently handling here in the Middle East and any indication on the expected stores to come up in the next 2 year?
We operate over 150 stores currently, and expect to open another 50 odd stores over the next 2 years. It really is a very exciting time for Pure Gold Jewellers, as we further cement our position as one of the leading brands across multiple regions.
– Besides, what are the plan for expansion beyond the Middle East, going global? You’ve had a focus on Singapore and India. Some insights into the Indian market. Also which other countries do you see Pure Gold expanding into in the coming years.
We are currently focused on the Middle East and Far East markets, as those countries have significant numbers of tourists, and our stores have really made an impact there. Of course, we are also looking at other markets, and part of the company’s expansion will see Pure Gold Jewellers move towards those in the future.