Damas-Gitanjali To Boost Jewellery Trade In India
Dubai jewellery group Damas International Ltd and India’s Gitanjali Gems Ltd have joined hands to form a joint venture to launch upto 60 stores by 2014 to tap into rising jewellery demand in India.
Damas has won approval to set up a joint venture with diamond and jewellery maker Gitanjali to trade jewellery and related accessories.
The partnership will see Damas opening 50 to 60 retail outlets over the next three to five years, according to Prodyut Banerjee, Damas’ corporate finance department.” India is really a potential market, where the gems and jewellery market growth is 25 to 30 percent a year,” Banerjee said.
The companies will jointly invest up to 3.5 billion Indian rupees ($72.72 million), the minimum requirement by the Indian government, he said.
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