Of the revenue increase, approximately 28 per cent was due to higher volume sales in diamond jewellery and around 19 per cent is attributed to gold jewellery sales, a company statement said.
Pure Gold Jewellers is a jewellery retailer with over 100 stores, and in the process of opening 200 stores in India and the Middle East, it said.
Chairman of Pure Gold Jewellers Firoz Merchant said: "We will continue to focus on developing our brands and expanding our geographical reach. Our new store openings are in line with our plan to hit a target of 250 stores by 2015."
"This year we plan to open another 15 stores mainly in Saudi Arabia, Qatar and India. We are also actively looking to buy established retail operators in the Middle East and India to fuel our expansion plan," he added.
He further said that going forward there are possibilities of consolidation in the jewellery industry where bigger players will eventually hold greater market share.
The year-on-year increase is a reflection of higher sales to existing customers in the UAE, Oman, Bahrain, Kuwait, and Qatar as well as incremental sales in new expanded geographic coverage in India, the chairman said.
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