Arab Today, arab today jeweller seeks to redefine gold sales with kiosk idea
Last Updated : GMT 19:46:07
Arab Today, arab today
Arab Today, arab today

Jeweller seeks to redefine gold sales with kiosk idea

Arab Today, arab today

Arab Today, arab today Jeweller seeks to redefine gold sales with kiosk idea

Dubai - Arabstoday

It is a time-honoured concept in the jewellery trade that its customers take their time about their purchases. The average time spent by a shopper mulling his or her decision would be well over an hour and more (though there are some who would say that an hour would be quick going). Now BRR Jewellery wants to rewrite the script when it comes to jewellery retailing. They have opened a kiosk store — aptly named the Gold Express — at the Gold Centre. It is said to be the first such at one of Dubai\'s premier gold retailing locations. \"The concept was formed with the tourist traffic in mind and particularly those shoppers who treat such purchases from an investment perspective,\" said a spokesperson for BRR Jewellery. \"They come with a specific amount for spending and willing to take what they can with that. \"They would prefer to do so from a bare-minimum retail format than the elaborate jewellery stores. This is for shoppers who want to buy gold on the go.\" Article continues below Fittingly then, the merchandising will be dominated by gold bars and coins, while lighter chains and bangles also get a look-in as do diamond stones and necklaces. Transformation The kiosk will store around 50kg of gold in various forms, worth Dh10 million at current rates, and will cost a monthly rental of Dh100,000. The setting-up costs also involved the key money. The express store concept in the gold trade represents the metal\'s transformation as an investment commodity, especially in the last two years. BRR Jewellery is tinkering with plans to extend it to key malls and other locations, though none of these is fully formed yet. At the same time, the retailer is not willing to completely let go of the traditional store format. Its first two outlets will open in the Al Ghusais and Karama neighbourhoods in the coming weeks. Short-term plans \"The near-term plans will be to have 10 to 12 traditional format stores with a combined investment outlay of Dh250 million,\" the spokesperson added. \"In the current market environment, a retailer cannot go with a kiosk format alone - it will not work. \"Creating a wider network establishes the brand identity in the consumers\' minds and this is where the bigger stores play a part.\" Retailing is a recent foray for BRR Jewellery. It launched operations in 2007 as a wholesaler of 22-carat gold and has since built a supply network of around 150 jewellers in the UAE and the rest of the Gulf. Europe and the US were added later.  

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