15 March 2006
Dubai: Diamond marketer De Beers has teamed up with Salam International to open the first De Beers jewellery store in Dubai.Salam International Investments Limited, a Qatar based public shareholding company, has an annual turnover of $250 million and a growth rate of nearly 20 per cent a year.
The company owns and manages business units in four sectors including luxury retailing, information technology and communication, industrial engineering, oil and gas and contract and project management.
The decision to partner with De Beers was in response to the growing market in Dubai for unique pieces of jewellery, according to Guy Leymarie, CEO of De Beers.
The store is scheduled to open next month in the Mall of the Emirates.
"We believe that clients in Dubai are very well informed about the significance of diamonds and will furthermore appreciate the unique designs that our partner has chosen to showcase," he said.
Salam was established in the luxury consumer goods market in 1952, but not the jewellery market.
"We have been waiting for a good investment, we feel it is the right time to form this partnership as the economy is strong and there is a sizeable market for precious stones," said Bassam Abdulsalam Abu Issa, executive director of Salam.
Abu Issa believes the partnership will have a positive impact on the company's portfolio and open new avenues of business, with De Beers being synonymous with diamonds.
By Maey Al Shoush
Gulf News 2006. All rights reserved.
