Feb 21 2008 |
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ARY to double gold refining capacity
21 February 2008
Dubai: Leading UAE gold group ARY will more than double its refining capacity and increase jewellery output multifold when its new $100 million business complex is completed towards the end of 2009.
Senior officials said the company is investing in expansion to keep pace with the growth in Dubai's gold and jewellery trade.
The group operates a 40-tonnes-per-year capacity refining facility in Sharjah's industrial area, but it will be relocated to the new ARY Aurum Plus complex in the Dubai Multi Commodities Centre.
"This complex will combine refining, manufacturing, retail and education. It will become a major gold destination in the city," she said, adding that construction is expected to be completed in late 2009.
"Refining is doing very well in Dubai because of the ease of operations and good infrastructure. Compared to other countries in the region, business rules and regulations in the UAE are simple," Abdul Razzak said.
With rising tourist numbers and shopping growth, the city's retail gold industry is preparing for a big increase in sales in the coming years.
The company will also use the new facility to increase its jewellery making business from 800 kg to 10 tonnes annually in the next five years.
"That is our target to meet increasing local demand and to supply to other markets in the region," Abdul Razzak said.
ARY 's focus will be more on producing jewellery studded with gems, the company's fine jewellery division director Naheed Anees said.
"This segment is growing rapidly because of lifestyle changes. All the prestigious brands are coming to Dubai independently to open shop.
"The consumer profile is changing and high-income buyers are multiplying," she said, adding that "impulse buying" of jewellery by people is also becoming more common because of rising income levels.
Dubai's gold trade benefits from the city's location in a region that is a major consumer of jewellery.
According to the
ARY
officials, India's annual gold consumption is estimated at 600 tonnes, followed by Saudi Arabia with 160 tonnes, and Pakistan and Iran at 100 tonnes each.
By Shakir Husain
© Gulf News 2008. All rights reserved.
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