Friday, 25th July 2008 (467 views)

Jewellery firm Damas International has announced intentions to increase gold output, it has emerged.

Proposals by the United Arab Emirates-based organisation could see it boost production of gold jewellery at its Dubai-based factory by 50 per cent above its current output figure of 12 tonnes per year.

Tawhid Abdullah, chief executive of the firm, said: "The demand for gold jewellery in the region is rising and we want to capitalise on that boom."

Looking to achieve this by the end of next year, Mr Abdullah reported that there is potential to increase such output beyond the targeted 50 per cent rise "if there is a market demand".

He added that Dubai is now recognised as a global hub for gold trading - alongside the likes of New York, London and Hong Kong - as well as a centre for gold jewellery.

Damas operates in 18 countries across the world and has some 450 retail outlets.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.