Industry News

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.