The Group has its origins in the activities of Mr Mohammed Tawfique Abdullah, the grandfather of the Founding Shareholders. Mr Abdullah began designing, crafting and selling gold jewellery to retailers in Syria in the early 1900s. In 1955, the family business moved to the UAE when Mr Tawfique Abdullah’s son, Mr Mohammed Taher Abdullah, moved to Dubai and opened a goldsmith’s shop under the name Al Abdullah Jewellery Traders LLC (“AAJT”). The first retail outlet of AAJT was opened in 1959 and the gold wholesale operations began in 1970. In the late 1970s, Mr Taher Abdullah and his three sons, Tawfique, Tamjid and Tawhid, first developed the Damas brand in order to promote and market AAJT’s products. By the end of 1985, the Group had expanded into several retail stores, and in 1988 the Group launched its first branded jewellery line under the Harmony brand.
In the 1990s, the Group adopted an early version of its current marketing and merchandising strategy to develop its brands and products based on customer segmentation according to demographic profile, including its current three store format.
By 2000, the Group had established retail operations in Qatar, Bahrain, Oman and Jordan. In 2002, the Group expanded its operations to Kuwait and Saudi Arabia, and by 2004, the Group had expanded to Egypt, Libya, Sudan, Italy and India.
Damas’ key operational milestones
1907
Goldsmith operations began in Syria by Mr Mohammed Tawfique Abdullah, father of the founder.
1959
First retail outlet branded as Damas opened by Mr Mohammed Taher Abdullah in Dubai.
1970
Damas began wholesale gold operations in Dubai.
1985
Damas retail stores started selling international brands.
1988
Damas began the launch of its own brands.
1995
Damas established the Diamond Division to manage the sourcing of loose stones and finished jewellery.
2000
Damas’ business was expanded to countries including Qatar, Oman, Lebanon, Kuwait and Bahrain through investment in jointly controlled entities. The first Les Exclusives boutique was opened in the UAE.
2004
Damas purchased Stefan Hafner, a high-end Italian jewellery business.
2005
Damas raised AED 521 million through a private placement. Damas’ operations further expanded into Saudi Arabia, Jordan, Egypt, Libya, Sudan, Italy, India and Japan through investment in jointly controlled entities and associates.
2006
Damas established a 30,000 sq. m. manufacturing unit in the Dubai Multi Commodities Centre.
2007
Damas raised US$ 255 million through a syndicated loan.
2008
On July 8, Damas was listed on NASDAQ Dubai following a successful regional and international initial public offering (IPO) to the institutional investors.
Headquartered in Dubai, United Arab Emirates, Damas is the Middle East’s leading international jewellery and watch retailer. Founded in 1907, the company today operates around 296 stores distributed across 12 countries, most of which are located in the GCC region. The company has grown from a UAE-based retailer into a global brand name, and is also the retailer for a large portfolio of renowned global luxury brands.
Damas sells jewellery and watches through four main store formats, which are uniquely positioned to address different consumer segment needs.
Specifically, the Les Exclusives Stores offer high-end luxury products; Semi-Exclusives Stores offer stylish and sophisticated products for the discerning consumer; and the Damas 22K and 18K Stores offer trendy, fashionable and stylish products and brands at competitive prices.
In addition to the four principal store formats, Damas also operates other outlets such as exclusive watch stores and Mono-brand boutiques.