Golden Plan

Sep 06, 2012 (LBO) – Pure Gold, a Dubai based group wants to set up a chain of 30 outlets in Sri Lanka selling 18 carat gold jewellery by 2016, the island’s industries ministry said in a statement. Bank of Ceylon and Commercial Bank of Ceylon are the top suppliers of gold, and in 2011 Sri Lanka had exported 531.7 million US dollars of diamonds, gems and jewellery, the statement said. In 2011 jewellery exports had increased 55 percent to 28 million US dollars. Industries minister Rishad Bathiudeen had met Pure Gold chairman Firoz G. Merchant, in Colombo on September 04.

Merchant was quoted as saying that the firm wants to start retailing in the duty free sector and shopping malls and the move to wholesale and manufacturing for export later, eventually investing 50 million US dollars.

The industries ministry said Sri Lanka imports about six metric tonnes of gold a year for domestic consumption and export manufacture.