Within the short period of starting operations in India, we have already opened eight outlets and plan to have about 21 operational showrooms by the end of the current financial year, Anaggh Desai, CEO of Damas India, said.
Damas growth plan in India includes introducing a large array of its in-house brands and the latest jewellery designs and watches from international luxury brands like Roberto Coin, Scavia, Vacheron Constantin and Chronoswiss.
Jewellery market in India is undergoing a gradual metamorphosis. From a storehouse of value, the jewellery segment is fast becoming a fashion accessory bazaar. Plain gold is giving way to diamonds and coloured gemstones. The current trend also reveals a shift in the buying pattern with the family jeweller being replaced by branded jewellery makers. With the introduction of its value proposition Luxury wrapped in Trust Damas is confident of not only making a dent in the jewellery market, but also carving a niche for itself, stated Desai.
Desai stressed the focus on Indian market. India is poised for a massive growth in the retail segment. And within the segment the gems and jewellery market is a key emerging area with tremendous potential.
The domestic demand for retail jewellery (both branded and unbranded) was estimated at Rs 490 billion in 2005, with diamond jewellery comprising Rs 80 billion.By 2010, according to a study by consulting firm McKinsey, the branded jewellery market in India alone would touch Rs 100 billion mark.
With a large collection of latest international designs and a large array of international luxury brands being sold under one roof, Damas is confident of capturing a large share of this market in time to come.
Besides, as a marketing policy Damas will emphasise on building relationships and trust with its customers and offering extremely high quality products. The Damas experience is personal and on par with international standards. The products are sourced from Italy, Hong Kong, France, Switzerland and India. Our talented pool of designers comes from Europe, Latin America, Middle East and Asia, Desai said.
Established in 1907, Damas is one of the largest jewellery retail outlets in the world having a network of more than 285 stores across four continents and 16 countries including the US, Italy, Lebanon, Jordan, Maldives, Turkey, Egypt, India and all the GCC countries. The year 2007 will mark the centennial year celebrations of Damas and will feature simultaneous festivities through the year across these countries. Besides its own branded collections, Damas retails over 100 international brands of jewellery and watches by some of leading international luxury brands.