The UAE-based jeweler Damas has opened its first production facility in Dubai as the gold and jewellery company expects to ramp up the number of retail units in the UAE and Saudi Arabia. According to the company, phase one investments on the machinery have come to Dh15 million and the raw materials would take up another Dh200 million. (Raw materials in this case would include scrap bullion and jewellery, while pure bullion comes from the banks. The factory employs 200 people. The Dubai facility will produce about 40 per cent of its needs, with the capacity to ramp up to 80 per cent by 2020. The factory can handle 3 tonnes of gold a year and 180,000 pieces on non-gold jewellery annually.
