Damas investigate status in India

10 Apr 2011

(MENAFN) Damas’ chairman, Ibrahim Belselah, said that the company, which had earlier withdrew its business from Pakistan, is looking into a similar action in the Indian gold market, reported The National.

Belselah said that the company is currently investigating current business in the world’s largest gold market, India, in order to ensure that entering the market happened in a proper and legal approach.

Belselah said that the company had previous plans for opening a hundred stores in India, as gold retailing is very popular in the country. If investigations come up with negative results, the company would cancel these plans.

It is worth noting that Damas had dissolved its board and is doing major internal investigations after the Dubai Financial Services Authority (DFSA) fined Damas and banned three members of the jeweler’s founding family, known as Abdullah brothers, for making unauthorized transactions.

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