Damas to open a new manufacturing plant in Dubai
UAE: Damas,
a Dubai jewellery firm has launched new production factory in Nad Al Hamar. The
director general of Dubai Department of Economic Development Sami Al Qamzi, and
CEO of Damas, Anan Fakhreddin, has planned to open the facility in order to
support company's market expansion plan and growth. The monthly capacity of the
factory is to transform around 280kg of gold into exclusive pieces of jewellery.
Damas, presently will produce and design around 40 percent of jewellery through
this facility, and by the end of 2017, the company aims to increase production
capacity to over 80 percent.
The company will equip the Damas
factory with latest 3D printing techniques that will be used in the process of
design and manufacturing, further the technique will be supported by laser
capabilities in order to provide sharp, consistent and detailed product. While
Dubai and the Gulf region in general are often considered to be among the
world's most important markets for gold jewellery, a majority of what is
available in these markets today are produced across workshops in India, Italy
and Hong Kong.
According to TechSci Research,
the art of jewellery making is intrinsically embedded in the roots of UAE's culture
and history and culture and the step taken by Damas has promoted UAE's
industrial footprint in jewelry sector, which will not only contribute to tourism
and retail industry, but will also highlight and increase the reputation of
Dubai which is known as City of Gold. Further, the investment of company into
new facility reflects its commitment to gold and jewellery sector. The Damas
production facility will support the company’s efforts to respond the changing
consumer demand and introduce new products within shorter period of time by inculcating
latest technologies in production processes, that too without compromising on
the involvement of human element.
According to a recent
report published by TechSci Research,
“UAE Gems and Jewelry Market Forecast & Opportunities, 2011 -
2021”, gems and jewelry market is projected to grow at a
CAGR of 8.7% during 2016 - 2021. Lower gold prices in the UAE gems and jewelry
market, opening of exclusive retail stores and increasing online availability
of gems and jewelry are expected to positively influence the gems and jewelry
market in the UAE. Increasing number of retailers getting associated with
leading online portals in order to facilitate easy sale and supply of gems
and jewelry to the consumer is also boosting the country’s gems and
jewelry market. Gold accounted for a lion’s share in the UAE gems and
jewelry market in 2015, and the segment is forecast to continue its dominance
through 2021. Demand for gems and jewelry is predominantly
concentrated in Dubai, and the region grabbed a majority value share in the
country’s gems and jewelry market in 2015.