Friday, 25th July 2008 (1058 views)

Damas, the Middle Eastern jewellery company, has announced plans for a 50 per cent output capacity increase at the gold factory which it owns along with Emaar Industries and Investments, according to the Gulf Daily News.

The factory in Dubai currently produces 12 tonnes of gold jewellery each year and the firm has said it intends to meet its targets to increase production by half by the end of 2009.

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

The newspaper claims approximately half of the gold produced by the factory remains in the United Arab Emirates and the rest is exported.

It adds that in recent years Dubai has become a major player in the gold industry alongside cities such as London, Hong Kong and New York.

This comes in the wake of an announcement from Damas that it is now stocking a new range of jewellery by the Italian designer Genero.

 

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