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D'Damas eyes west Asian markets
BS Bureau in Kolkata | September 03, 2003 10:58 IST
Damas, the largest retailing jewellery brand chain in west Asia, will use India as one of the sourcing base for diamond studded jewellery items.
The company has set up a manufacturing base in Mumbai and it is targeting markets like Saudi Arabia and Japan from here with the brand name of D'Damas.
Arun Bhatnagar, president, (marketing) of D'Damas Jewellery Manufacturing (India), a joint venture between Damas and Gemplus of India, said the company plans to enter Saudi Arabia, the fourth largest diamond market in the world, in September.
"We plan to have presence in 40 outlets there. Following this, the company will hit Japan which is also one of the largest diamond market," Bhatnagar informed. The company has so far invested around Rs 25 crore (Rs 250 million) in its facility at Mumbai.
He was in the city to launch the D'Damas brand in Kolkata. The company plans to be present in 400 outlets by 2004-5. So far it has launched nine collections here. The company has targeted turnover of Rs 90 crore (Rs 900 million) by 2004-5.
Diamond studded jewellery market in India is estimated at Rs 8,000 crore (Rs 80 billion). The branded segment, valued at Rs 600 crore (Rs 6 billion), is comparatively small but it is growing much faster.
While the overall diamond studded jewellery market is growing at 12 per cent per annum, that of branded ones is growing by 18 per cent per year. Nakhshatra of DTC is the biggest brand in the country.
Gemplus Jewellery India is a part of the Digico Group which is Rs 1,500 crore (Rs 15 billion) company.Gemplus Jewellery exports mainly to the US and its annual turnover is $32.5 million. Damas on the other hand is a $800 million company.