Flemingo and Damas create Indian jewellery joint venture

Stefanie Ives

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Flemingo International plans to open duty-free jewellery shops in partnership with Damas Jewellery

Flemingo International has set up a joint venture with Dubai-based Damas Jewellery to operate duty-free jewellery and luxury watch shops at Indian airports.  The new company, Flemingo Jewellery India, has already won the contract from state-owned Airports Authority of India (AAI) to open shops at three airports, according to local reports.

The proposed stores will use the brand name Damas. Reports cited government sources as saying that the joint-venture company is also looking to open business at other airports.

Damas has 127 retail locations in six countries and jointly controls companies in India, Dubai, Kuwait, the Maldives and UAE. It operates in India through D’damas India, which is in partnership with diamond house Gitanjali Digico Group. Damas has already set up stores at Chennai, Trivandrum and Jaipur International airports where operations are expected to begin within a month. The jewellers will offer brands such as Harmony and Legacy in addition to its diamond brands.

Recently Citicorp Venture Capital International agreed to take a 15% stake, worth Rs1.1bn ($24.8m), in Flemingo International.