Jewellery retailer Damas yet to decide on India plans

Posted By: Religare
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Damas, the global jewellery retailer has not decided its future business plans

in India, as the company"s corporate governance model is undergoing a

restructuring process.

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.

Story first published: Wednesday, April 13, 2011, 12:33 [IST]
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