Damas news and archive

Damas’ Indian plans derailed

International jewelry brand Damas, which has been eyeing the lucrative India market, and had plans of opening 100 stores in a joint venture with Gitanjali Group, has stalled this move. This decision was taken when the Dubai Financial Services Authority (DFSA) fined Damas and banned the jeweler’s founding family from executive positions. Damas...

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Damas now Gitanjali’s

Italian jewelry brands Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague , previously owned by Dubai based Damas International have been bought out by Mumbai-based Gitanjali Gems for an undisclosed amount. Inside reports earlier had pegged the buyout at around Euro 20 million, but this figure stands unconfirmed. With this prestigious...

Apparel

Damas India plans on hold

Damas India plans of opening 100 stores are on hold as the unauthorized transactions by the three Abdullah brothers, members of the company’s founding family, have cut into the jeweler’s finances. The Indian retailer Gitanjali Group planned to start opening the first 30 Damas-branded stores in its next financial year, which begins at the start...