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The division which will come into force in September 2006 will benefit from Damas' century old experience in the jewellery trade and Deepu Jeweller's 35 years of experience in the wholesale industry including running one of the region's largest manufacturing units for gold chains.
"The new wholesale division will deal predominantly in 21 kt and 22 kt gold jewellery and also imported jewellery from India, Turkey, Pakistan, Italy, Malaysia, Indonesia, Singapore and Korea,"
said Kishore Dhakan, managing director, Deepu Jewellers.
A recent industry survey by AC Nielsen has established the primacy of gold jewellery in the local market with sales for gold jewellery accounting for 45 percent of annual retail turnover, followed by diamond jewellery at 35 percent. Twenty-two karat (22kt) gold has emerged as the largest selling variant, capturing 44 percent of the market.
"Our target for the first year is 27,000 kg of gold jewellery," added Abdullah.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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