Damas plans $272mn IPO

Dubai jewellery group Damas plans to sell shares to the public before the end of the year and is talks on merging with or acquiring a regional jewellery chain, its managing director was quoted as saying on Monday.

Family-controlled Damas was in advanced talks with another company and should complete the merger or acquisition after an initial public offering to raise funds for expansion, Tawhid Abdullah said, according to UAE daily Emirates Business 24/7.

"The plan is that Damas will become a listed company by year-end, following an initial public offering (IPO) and the merger will happen after the public issue," Abdullah said.

Damas could raise 1 billion dirhams ($272.3 million), the paper said, without citing anyone.

The firm plans to spend more than $750 million to double the number of stores it operates from 430 in the UAE and other countries - including Egypt, Turkey, Pakistan, Bangladesh, India and China - in the next three years, the paper said. (Reuters)

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Damas to follow Dubai IPO with Italy listing

Dubai jewellery group Damas, which is preparing for a bourse listing at home, may also list shares in its Italian unit DIT in the next three or four years, Damas managing director Tawhid Abdullah said on Tuesday.
Family-controlled Damas Jewellery hopes to list its shares on the Dubai International Financial Exchange by April, after publication of its annual results, he told Reuters on the sidelines of a jewellery conference.

"DIT may be listed in three, four years, when we are bigger in size... I think when we have at least 100 million euros ($145.4 million) in sales," Abdullah said.
DIT controls four Italian jewellers - Stefan Hafner, Io Si, Roberta Porrati and La Nouvelle Bague - that Damas Jewellery has bought over the past three years.
Abdullah said he expected DIT to boost sales to 100 million euros in the next three years from a targeted 40 million euros this year, possibly by buying a couple of high-end Italian jewellers.
Only one Italian jeweller, Bulgari, is listed. This week's market debut of fellow high-end jeweller Damiani may prompt other jewellers to brave the stock market, analysts have said.
Gioielli Italia, a jewellery division created by Italy's Mariella Burani Fashion Group over the past year, could eventually be among them.
Giovanni Burani, the fashion group's chief executive, said on Tuesday it would take another two or three years to prepare Gioielli Italia for the initial public offering (IPO). (Reuters)

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Watch and Jewellery Dubai

The 12th edition of Watch & Jewellery Dubai (WJD), the Middle East's premier exhibition for jewellery and precious timepieces, was opened yesterday by Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Technology and Media Free Zone Authority, at the Dubai International Convention and Exhibition Centre (DICEC).

WJD, organised by Dubai World Trade Centre showcases the world's major manufacturers and distributors of jewellery and precious timepieces including local brands such as Istana, Damas, Dhamani, Al Anwar, Salem Al Shueibi and Samra and international big names such as Rosy Blue, Europearls, Chantila, Aspeco and Eros & Forever jewels.

"With the buoyant jewellery market in Dubai and the new features we are showcasing for visitors we believe that this year's Watch & Jewellery Dubai will be the trend-setting event for the region," said Helal Al Marri, Director General, Dubai World Trade Centre, organiser of Watch & Jewellery Dubai 2006.

Visitors to the show will be treated to jewellery launches throughout the five days including the Middle East launch of Henry Dunay by Istana, the Middle East launch of the Rosy Blue retail collection, the first showing of the Dubai Diamond Cut collection from Dhamani, a new collection from Escada and the Chocolate Pearls' launch by Euro Pearls. Other showcases of interest include the 30-carat $10 million diamond necklace from House of Baguettes which will be displayed during the event.

The catwalk of Jewels hosted by Damas is also set to dazzle visitors on the December 15 from 7 pm and will feature jewellery brands including Al Manthourah, Legacy, Harmony and Romance and the jewelled watch collection of Varotti. Also on display is the Damas bridal collection catwalk on the December 16 at 6pm.

For trade visitors attending the exhibition, developments within the local and regional industry will also be highlighted, as WJD and Diamond Trading Company (DTC) jointly host the first Industry Round Table to discuss the emirate's important role in facilitating trade in the diamond sector from and within the region. DTC will also be organising three days of seminars and workshops.

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