Magazines Archives - 2007 February

Damas Taps India’s Emerging Gems Market
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DAMAS, a US-based jewellery company in India, is set to open up to 21 showrooms at the end of its financial year, the local media reported. Its target is to have by December 2008 over 100 outlets retailing house brands alongside international luxury jewellery and watches of the Roberto Coin, Scavia and Vacheron Constantin labels, CEO Anaggh Desai said.

Consumers in India have moved from plain gold to diamonds and coloured gemstones, with the market transformed from a “storehouse of value” to a fashionaccessory bazaar, Desai observed. A McKinsey report has projected the Indian branded-jewellery market to reach Rs100 billion (US$2.27 billion) by 2010, up from 2005’s Rs490 billion for both branded and non-branded items.