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Oct 25 2008

Jewel industry glitters in a gloomy financial market

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Damas Jewellery

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Saturday, Oct 25, 2008

Gulf News

Muscat: The slump on global equity and general economic sector has benefited the jewellery market, said Tamjid Abdullah, deputy managing director of UAE-based Damas .

"The gold and related jewellery business is on the up as it gives the best value for cash," he told Gulf News during the jewellery giant's launch of a range of products in Muscat.

He said Damas was expanding every year in Oman and the growth of business year-to-year was somewhere between 17 to 25 per cent. The new range launched by Damas , exclusively in Oman, seeks its inspiration from the Mughal period.

"It has that old look but keeping in mind the modern woman, it doesn't weigh heavy," said Farhana Vohra, brand director of L'Art Nouveau Jewellery, who has designed the new range.

Abdullah said that the antique-looking new jewellery will definitely have its own market despite the recession all around the world. "Gold is gold be it white or yellow, white gold used for this new range will hold same appeal for a buyer."

To stress his point further, he added, "It is the same language but in a different dialect." He said that Middle East region holds the history of jewellery and, "we must show path to the world when it comes designing new range of jewellery."

He disagreed to a suggestion that in the times of world wide economic crisis the market may not hold for such kind of niche products. "It is all about branding and we at Damas believe our brand has a strong market not only in the Gulf region but elsewhere in the world too," he said.

Speaking about the collection, Abdullah said tat the range exudes an old-world charm evocative of a bygone era - a key factor in Damas ' decision to represent Farha's range of unique and exotic designs in the region.

Farhana, a Mumbai-based jewellery designer, is inspired by designs drawn from antique-style jewellery, yet blended with Renaissance, traditional Mughal and Gothic patterns.

© Gulf News 2008. All rights reserved.

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