Kalyan Jewellers eyes foray into Saudi Arabia and Qatar

T.S. Kalyanaraman

Kalyan Jewellers will continue its aggressive expansion in the GCC despite a challenging environment this year, its top executive said.  
T.S. Kalyanaraman, chairman and managing director of Kalyan Jewellers, said the group is set to make a foray into Qatar and Saudi Arabia this year and further strengthen its presence in the UAE.
"We hope to open six showrooms in Qatar before the end of the financial year [March 31] and are planning to open five new showrooms each in the UAE and Saudi Arabia in the next financial year. Before the end of the financial year, we will have 100 outlets in India and West Asia," Kalyanaraman told Khaleej Times.
The group currently has 10 showrooms and a manufacturing facility in the UAE and three showrooms in Kuwait. "We have an additional Taj Mahal-themed showroom at the 20th edition of Global Village [in Dubai]."
Kalyanaraman said the encouragement and support from patrons prompted the group to significantly expand its operations in the region. "The UAE is a robust and resilient market. Buying interest has kicked in and we believe it should pick up in the months to come. As an asset class, gold has an enduring ability to retain its value and deliver good returns on a long-term basis," he said.
"While there could be fluctuations in the buying pattern due to price movements of the metal, we believe consumption will only increase in the long run and don't see any significant structural change in the buying pattern. We will continue to grow our business and are planning to enhance our presence by 50 per cent i.e. launch five new showrooms in the UAE to grow our presence to 15 showrooms."
"We are hoping that in the medium term, the Gulf markets will contribute 40 per cent of the group's top-line revenues. Currently, we are growing at 40 per cent and are bullish about our growth prospects in the UAE as well as the GCC and will continue to enhance our investments," Kalyanaraman added.
- muzaffarrizvi@khaleejtimes.com