Thursday, 10th August 2006 (5089 views)

Two of Dubai's largest and most prestigious jewellers, Damas Jewellery and Deepu Jewellery, are to join forces to create a new wholesale division in Dubai's gold market.

The two famous names will establish the new unit in Dubai's Gold Souk and analysts see the move as an important step in strengthening Dubai's position near the top of the global gold jewellery tree.

The new development will start up in September this year and combine the age-old experience of Damas with its younger and arguably more vibrant junior Deepu, one of the region's largest manufacturers of gold chains.

"The new wholesale division will deal predominantly in 21 and 22-carat gold jewellery and also imported jewellery from India, Turkey, Pakistan, Italy, Malaysia, Indonesia, Singapore and Korea," said Kishore Dhakan, the managing director of Deepu Jewellers.

Gold is the largest-selling single type of jewellery, ahead of perennially popular diamonds. Both companies have said the new wholesale venture will benefit, support and supplement the local communities and the existing industry in Dubai.

 

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