Oct 25 2008
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Jewel industry glitters in a gloomy financial market
Saturday, Oct 25, 2008
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.
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."
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.
© Copyright Zawya. All Rights Reserved.
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