Abu Dhabi: Damas, a Dubai-based jewellery store, is set for international growth in 2015, with plans to focus on Saudi Arabia as a core market, as well as plans to look into the Far East, according to Kevin Ryan, retail director at Damas.
In an emailed statement, Ryan said Damas is looking to open 10 additional stores throughout the year in Saudi Arabia, as well as expand in the GCC region.
“A global expansion in the western hemisphere is something we are very keen to solidify in 2015, and at the moment, we are examining the possibility of launching new international Damas outlets,” Ryan said.
In late 2014, Damas chief executive officer, Anan Fakhreddin, said the company was eyeing China and Hong Kong for expansion in Asia, and the US and London for growth in the west.
New outlets
Ryan added that 2015 will also see the company invest in its new production facility in Dubai, but did not disclose details on the investment.
In 2014, Damas launched 23 new outlets in the region — with 15 being in the UAE, five in Saudi Arabia, two in Oman, and one in Kuwait. The UAE alone accounts for roughly 65 per cent of sales at Damas, according to Ryan.
Asked about the impact of fluctuating gold prices on the company’s finances, Ryan said that the business was “very resilient” as it did not depend on gold alone, offering other jewellery such as diamonds, precious stones, pearls, and watches.
He added, “Dubai has quickly emerged as the leading global hub for the precious metals trade, and the demand for gold and diamond jewellery continues to grow in the Middle East in a steady pace.”
