UAE-based Al Basel Group has announced plans to launch a new jewellery business, called Albairaq for Diamonds and Jewelry, in Saudi Arabia in line with its expansion plans in the region. Albairaq for Diamonds and Jewelry will form part of the growing Al Basel Group led by founder and CEO Basel Al Kasem, with his younger brother Omar Al Kasem.
The new brand is set to be operational by end of 2018, giving rise to a range of job opportunities for Saudi nationals, thereby complementing the ongoing localisation efforts.
Saudi Arabia’s gold and diamond jewellery market is set to cross $6 billion by 2022, as revealed by a recent TechSci Research report, driven by the rise in young demographic; market demand for exclusively crafted, customised, elegant jewellery; and surging economic development in the country. Furthermore, increasing e-commerce penetration and business expansion by various leading global jewellery manufacturers across the country are expected to further accelerate this growth in the coming years.
“The launch of Albairaq for Diamonds and Jewelry, a family-owned business, and as part of Al Basel Group complements our planned expansion strategy for the region,” says Al Kasem. “Professionalism, integrity and commitment have always been our guiding principles and this growth can be attributed to our strict adherence to these core values. Our entry into the jewellery market is prompted by rapidly evolving consumer preferences, latest fashion trends and rising interest of youth towards contemporary designs. The launch of the new business is also in alignment with the Kingdom’s nationalisation initiative as it aims to offer more than 50% of job opportunities to Saudi locals, contributing to the localisation of the gold and jewellery market.”
“We are optimistic about the future of the jewellery market, thanks to the immense support provided by the government in areas including training and qualification, to prepare youth for key roles in businesses,” he adds.
Seven administrative regions in Saudi Arabia – Qasim, Tabuk, Najran, Baha, Asir, Northern Border, and Jazan – announced their commitment to the localization of the gold and jewellery market in December 2017 in response to the decision by the Ministry of Labor and Social Development to encourage localisation. Since then, these seven regions are actively supporting the nationalisation drive by hiring and training Saudis to work in their stores. Saudisation of the gold and jewellery sector will play a key role in providing employment to young Saudi men and women as the Kingdom currently ranks among the top five countries in the world in terms of gold consumption.
With a well-devised strategic roadmap, Al Basel Group feels poised to achieve its target sales profit of AED100 million in the second year of operations, while simultaneously expanding its network of retail shops.
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
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