Damas to host biggest ever sale in Dubai

End of season sale offers between 25 to 70% off selected jewellery and watches

Damas, the region’s international jewellery and watch retailer, has announced that it will host its biggest ever sale, located at its main vault in DMCC, Dubai, from May 31st – June 9th, 2012.

The end of season sale offers between 25 to 70% off selected jewellery and watches from Damas and its international brands. Customers can also receive a gift on selected purchases of gold, diamond and pearl jewellery plus watches. Read more

Tiffany & Co restructures operations management in UAE

Transfer of operational, jewellery merchandising, sales and marketing management

Tiffany & Co. announced it has signed a joint venture agreement with Damas Jewellery. The company is incorporated under the laws of Dubai, relating to the operation of its U.A.E-based boutiques.

The partnership will see the transfer of operational, merchandising and sales & marketing management for the TIFFANY & CO. brand in the U.A.E. from Damas Jewellery to Tiffany. Until now, Tiffany has sold merchandise, on a wholesale basis to Damas which operated the TIFFANY & CO. stores. Read more

Damas to delist from Nasdaq Dubai June 12th

Damas International announced that it will delist shares from Nasdaq Dubai as of June 12th, on the back of the joint bid submitted by Qatar’s Mannai Corporation and Egyptian investment bank EFG-Hermes.

The jeweler said in a statement that it had received on May 13th, 9:00 a.m. bids to purchase 878.986546 million shares, or 88.86% of capital. Read more

Folli Follie launches new ‘Reflections Collection’ in UAE

Folli Follie, the top fashion brand well known for its trendy jewellery, watches and accessories, has recently launched the new ‘Reflections Collection’ in the UAE, which is a collection of rings, pendants, handbags and wallets inspired by the various reflections of stylish thoughts and sentiments. The new collection radiates, as it incorporates varying facets of metal that reflect and shine light via shiny silver and rose gold plated “prismatic” pieces creating a vitro-like effect which results in a unique appearance.

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First store in the world to carry Magerit’s Atlantis collection

Magerit, the Spanish jeweller made famous by its sculptural approach to fine jewellery, has today (Wednesday, April 27, 2011) unveiled its new Atlantis collection at the Damas Les Exclusives Boutique in the Burj Al Arab Hotel in Dubai, United Arab Emirates, making Damas the first retailer in the world to stock the new collection.

The highly anticipated Atlantis collection of pendants and rings blends the elements of water and air into stunning pieces that emanate a delicate and unique beauty. All of the pieces feature images of mermaid-like sirens, which are mythological creatures famous for using their enchanting voices to capture hearts.

“We selected the United Arab Emirates as first country in the world to stock Atlantis as we believe that the market will be very impressed with our new collection, as the pieces are all beautifully sculpted gold pieces of art, distinguished by a high degree of creativity and originality and the exquisite finish of the pieces,” said Antonio Calvo, Commercial Director of Magerit. “Like the singing of the sirens, these pieces exert a power of irresistible attraction, and every piece is unique and hides secrets that only the woman who wear it will be able to discover,” Calvo added. Read more

Damas announces strong half-year results

Damas International Limited (Damas), the leading jewellery retailer in the Middle East, announced today its financial results for the six months ending September 30, 2010, demonstrating the strength of its core operations and signaling its clear growth trajectory.

For the six months ending September 30, 2010, Damas reported a net profit of AED 4.24 million, a major turnaround from the same period in 2009, when the company posted a significant net loss due to the impact of impairment provisions. Read more

Damas Chairman highlights company’s positive outlook at second Annual General Meeting

Following the conclusion of its second Annual General Meeting (AGM), which was held today in Dubai, Damas International Limited (Damas), the leading jewellery retailer in the Middle East, announced that the assembly approved a range of resolutions, including the company’s accounts for the previous financial year, reappointment of its Board of Directors and appointment of its auditors.

Addressing the assembly, Ibrahim Belselah, Chairman of the Board of Directors, Damas International Limited, said: “Today, Damas has a new Board of Directors and new senior management, and is working hard to prepare for our financial and operational restructuring – with the full support of our bank lenders. Read more

Dubai regulator orders Damas to dismiss board

The Dubai Financial Services Authority ordered jeweller Damas International to discharge its board and pay penalties, citing irregularities involving cash and gold, Gulf Daily News reported. The watchdog said that an investigation revealed that Damas’s board did not exercise appropriate governance after key executives drew down reserves without approval. The authority noted that the Abdullah Brothers, who it named as Tawhid, Tawfique and Tamjid Abdullah, owed the company $99.4 million cash plus the value of 1,940kg of gold, which is estimated to be worth nearly $71 million at market prices. The regulator’s clampdown underlines a lack of transparency and disclosure in Damas and among some family-owned businesses in the region. Dubai’s watchdog said that this action will remind directors of public firms that they owe a duty to the company and their shareholders, which supersedes any duty they have to their private interests.

Damas set to sign $1.08 bln Debt Standstill

Damas, the region’s largest jewelry company, is poised to sign a formal standstill on some 4 billion dirhams ( about 1.08 billion U.S. dollars) worth of debt.

Damas is working towards an official debt freeze to defer its principal loan payments until May 31 but still accrue interest, The National quoted an unnamed source as saying. Read more

Angsana Hotel and Suites Dubai set to close

Angsana Hotel and Suites Dubai is set to close its doors, another victim of the global financial crisis as the owners and managers have come to an agreement that the two towers now be sold off to become residential units.

Angsana, the luxury brand operated by Banyan Tree, saw its first Dubai property in Angsana Hotel and Suites Dubai, but now owners Damas have decided to sell the property after revenues were crippled by the economic downturn.

“We would like to thank Damas Hotels for their recognition of our management role in Angsana Dubai and we wish them well in the very difficult property and hotel environment currently,” said Berold Schroeder Banyan Tree Hotels and Resorts, SVP and Hotel Operations Managing Director. Read more

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