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.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
The regional grocery retail market is becoming more and more diverse, offering
Spinneys, the leading premium fresh food retailer, has announced the opening of
Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever
/ 
Following the successful launch of its flagship store in City Centre Deira,
In what comes as a significant announcement, Middle East based eyewear majors
Abu Dhabi based retail company LIWA Trading Enterprises, a subsidiary of Al
Aligned with the principles of ‘slow fashion’ UAE-based homegrown brand Ryokō Bags
From designing collections to creating campaigns, from analysing user preferences and purchase
Primark, known for its affordable fashion, has experienced significant global expansion since
For off-price retailer Brands For Less (BFL) Group, change management acts as
Sun & Sand Sports recently re-opened their Mall of the Emirates store, extending their #FunToTheFinish concept
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
Styched, a trailblazer in the fashion and apparel industry, is revolutionizing the
One of a Kin, an innovative e-commerce store for sleepwear, is redefining
Sheetal Kapoor, the Managing Director of SHREE, transformed her life from a
Previous Article
