in India, as the company"s corporate governance model is undergoing a
A spokesperson from the company reported, "Within our new corporate
governance, it's not the best route to do business because we want to be
absolutely transparent." The company has not still thrown light over its plans as
it wants to abide by the norms of the stock market.
Meanwhile, there is a huge demand for gold in India, which has increased by
25% although there was 400% appreciation in the value of rupee in the last
decade. In 2010, the annual demand for gold was 963.1 tonnes. Additionally,
it is reported that the savings and real income levels of the people lead to the
increase in the demand for gold in India.
Damas planned to take advantage this opportunity of increase in demand for
gold in India, by opening 100 stores across the country. The company had plans
to open the stores in collaboration with the Gitanjali Group. These plans had
been put on hold in March 2010, after the Dubai Financial Services Authority
(DFSA) fined Damas and imposed a ban on the family members from taking
executive positions in the company.