(March 8, 2024) “In the spirit of forgiveness and extending second chances to those who need to be reunited with family and society, we have recently donated AED 1 million to liberate over 900 prisoners as we approach the Holy Month of Ramadan,” shared Firoz Merchant on social media, recently. The Indian-origin Dubai-based entrepreneur and philanthropist is the founder and chairman of Pure Gold Group, which consists of Pure Gold Jewellers, FGM Holding, Pure Gold Real Estate Development, La Moda, and Pure Gold Manufacturing.
He assists those incarcerated due to debt, ensuring they regain their freedom and dignity. In an interview, he expressed,
Not everyone in prison is a criminal. I firmly believe that being in debt is not a crime; it’s a consequence of the basic human desire to sustain and survive. Unfortunately, some individuals find themselves in situations where they are unable to honour their commitments, leading to repercussions such as imprisonment. I support and advocate for those individuals whom society often overlooks.
Firoz Merchant
Among the 900 prisoners granted freedom, 495 were from Ajman, 170 from Fujairah, 121 from Dubai, 69 from Umm Al Quwain, and 28 from Ras Al Khaimah. The philanthropist additionally covered their expenses and arranged for their return flights. “I am grateful for the support of the government officials who helped in the release of the prisoners,” he said.
Beyond this endeavour, Merchant is actively involved in various other philanthropic efforts, including caring for the elderly through his initiative ‘The Forgotten Society’.
Enabling a second chance in life
With support from UAE police authorities, Merchant has played a crucial role in bringing joy to detainees in central jails across the UAE. Through his philanthropic efforts, he has contributed thousands of dollars towards their well-being and has facilitated the release of over 20,000 inmates since 2008. “Everything we do in this initiative strictly adheres to the guidelines and support of the UAE government,” he emphasised.
In addition to covering their bills and fines, Merchant also assists detainees with airline tickets to their respective countries, ensuring their safe return home. For 2024, Merchant aims to secure the release of more than 3,000 prisoners. He has already made significant progress towards this goal, with the recent donation of US$272K (AED 1 million) supporting the release of over 900 inmates from UAE prisons, marking fulfilment of nearly one-third of his target.
“My mother has instilled in me the values of kindness, generosity, and being a good human being. She has taught me that whenever I can help the society, I should embrace the opportunity,” said the philanthropist in an interview.
For those who tend to fall into debt Firoz Merchant has a piece of advice:
Don’t over commit or over borrow. Spend money reasonably and save money for bad times.
Compassion comes from humble beginnings
Firoz Merchant was raised in Bombay, in a family with limited financial resources. He was among nine siblings, with six boys and three girls. His father worked as a real estate broker, while his mother managed the household. The family struggled as their real estate business frequently faced challenges, leading to an unstable financial situation. Despite being a good student, he had to drop out of school when he was a mere 11-year-old to assist in managing their business’s daily operations.
“After I joined the family business, and turned 13 or 14, our lives began to improve,” he shared in an interview. Having honed business skills from a young age, he developed the mindset and skills of an entrepreneur as he grew into adulthood.
From India to Dubai
With his hard work, his business grew substantially in India, and in due course Merchant got married. In 1980, he travelled to Dubai for the first time with his wife, Rozina, for their honeymoon, and felt an immediate connection with the country.
One place which particularly mesmerised him as a tourist was the Dubai Gold Souk. A traditional market, the souk, located in Dubai’s commercial business district in Deira, consists of more than 380 retailers. Most of them are jewellery traders. With the entrepreneurial spirit that he had cultivated since childhood, Merchant realised that the place offered a wealth of opportunities if he made the right moves.
Upon returning from Dubai, he expressed his desire to his father to relocate there and venture into the gold business. His father laughed at him but Merchant remained persistent, having left his heart in Dubai. Witnessing his determination over months and years, his parents finally gave in and allowed him to make the move. “My parents advised me to pursue my dreams without expecting financial support from them, given our situation. However, they offered their blessings and good wishes,” Merchant shared.
In 1989, nine years after he had started nurturing his dream, Merchant embarked on his solo journey to Dubai to explore opportunities in the gold and diamond trading business, starting out with modest accommodations. As his circumstances improved, he was able to afford a flat, and called over his wife, and small children – a daughter and a son.
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Reaching the zenith
Starting out as a small trader, Merchant became successful in laying the foundation of what is now a large business enterprise. From humble beginnings, Pure Gold Jewellers has blossomed into a brand to reckon with. Starting with just one Pure Gold Jewellers store, the Pure Gold group now boasts off more than 150 outlets in places like Dubai, Northern Emirates, Abu Dhabi, Oman, Kuwait, and Qatar.
Merchant is proud of his accomplishments, “In 1998, within ten years of starting my business Pure Gold had become the largest importer of gold in Dubai, indulging in 110 tonnes of import out of the 600 tonnes that Dubai had imported that year,” he shared.
A market leader in the industry, in 2002, Pure Gold Jewellers became the first jewellery retailer in UAE to gain ISO certification, and the first jeweller to be awarded the World Diamond Mark. “When I look at the challenges and competitors, I consider them good for me because we get to learn from both,” the visionary leader says.
Always do business with integrity and good intention, and the almighty will support you.
Firoz Merchant
Gold Group’s portfolio consists of a wide range of exclusive brands, including jewellery crafted from gold, diamonds, pearls, and various other precious and semi-precious stones. Additionally, they offer product ranges from established Italian designers. Despite his remarkable achievements driven by his own vision and ambition, Merchant acknowledges his father’s influence. “Closing deals is a skill I learned from my father,” he remarked. “He taught me the importance of building long-term relationships with customers and working on long-term plans. Short-term success may come, but might not last long.” Merchant shared, reflecting on the invaluable lesson imparted by his father.
Reaping rewards for philanthropy and entrepreneurship
Firoz Merchant has won several awards and accolades for philanthropy. He has been named in the Forbes Middle East Top 100 Indian Business owners in the Arab world. In 2017 the philanthropist received the Community Service Medal & Award from Lt. General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior of the UAE at the Interior Ministry.
Merchant has been inducted into Abu Dhabi Police’s community wing ‘We Are All Police’ for helping with release of inmates by paying off their debts.
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In recognition of his remarkable contributions to philanthropy and entrepreneurship in the UAE, Firoz Merchant was honoured with the UAE permanent residency, known as the Golden Card, in 2019. This prestigious acknowledgment of impacting the country’s economy came exactly 30 years after his initial arrival in Dubai as an aspiring trader. The honour was extended to his entire family.
Expressing happiness and gratitude on the occasion, he remarked, “The UAE is the university of the universe and among the greatest and most beautiful countries in the world with world class safety, security, education and healthcare for residents to lead a valuable life.”