Kalyan Jewellers plans to invest 400 million dirhams ($ 108 million) in the economy of the Persian Gulf countries in order to open 12 new stores in the region.
At the moment, the retailer, whose 77 stores are located in India and the Middle East, is trying to expand the geography of the presence of its retail stores in the UAE, as well as in Qatar and Saudi Arabia, according to Gulf Business.
"When we open a new store, we want to make a profit," said company CEO Ramesh Kalyanaraman, "so our expansion plans depend on our plans for future profits."
In the UAE, especially in Dubai, there is a steady increase in demand for gold jewelry, even though the value of this precious metal has risen by 8% in 2015. Kalyanaraman is sure that jewelry sales will continue mainly because of their popularity as an investment object.
He also claims that demand for gold jewelry will rise, especially for well-known brands. "There is a change in the orientation of retail buyers of jewelry products in the region," he explained.