Dubai-based gold trader plans $50 mln investment, 30 sales outlets in Sri Lanka
View(s):Pure Gold, a multinational jeweller based in Dubai, is investing in Sri Lanka with an initial US$50 million investment and opening 30 sales outlets.
“We warmly welcome Pure Gold Group to Sri Lanka. Their entry strongly enhances our gold industry profile. Pure Gold’s initial investment here is $ 50 million,” noted Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka this week after a meeting with Firoz G. Merchant, Chairman of Pure Gold Group (PGG), Dubai.
Minister Rishad Bathiudeen and Firoz G. Merchant
Mr Bathiudeen’s Ministry in a media statement said Sri Lanka’s current gold needs are totally met by gold imports and the annual gold imports are in the range of $ 30 million with more than six metric tonnes imported and used for domestic consumption as well as in export manufacture. The Minister was quoted as telling Mr Merchant, that the government was pleased that Pure Gold was joining the supply chain for the local jewellery export industry sector so that export manufacturers get their gold at competitive prices.
The Dubai company has more than 100 stores across UAE, Oman, Bahrain, Kuwait, Qatar and India. In response, Mr Merchant said: “We are planning to start immediately in Sri Lanka. Our first round investment proposal for Sri Lanka is $ 50 million to enter Sri Lanka’s gold retail sector first, followed by wholesale and manufacturing and manufacturing for exports thereafter.” The company plans to open upto 30 sales outlets by 2015/2016 including duty free shops and shopping mall-based outlets.
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