Dubai jewellery group Damas International and India's Gitanjali Gems have revealed their plan to establish 60 outlets by fiscal 2014 with the aim to tap into rising jewel demand in India.

Nasdaq Dubai-listed Damas stated in a regulatory filing that it has won approval to set up a joint venture with diamond and jewellery maker Gitanjali to trade jewelleries and related accessories.
 
The sources said that the alliance will see Damas opening 50 to 60 retail outlets over the next three to five years.

The company authorities said that India is a potential market, where the gems and jewellery market growth is 25 to 30 per cent a year.

According to the sources, the companies will jointly pump up to Rs 3.5 billion (Dh266.8m), the minimum requirement by the Indian Government.

As per media reports, Gem and jewellery exports offer 12 per cent to India's foreign exchange.