Mumbai, Dec. 25: Global jewellery retailer Damas has outlined plans for a pan-India network of 100 stores over the next couple of years. The $900-million conglomerate expects a turnover of Rs 600 crore from the Indian operations when all the stores are opened.

Damas now has eight stores and plans to have 21 showrooms by the end of this financial year. In Calcutta, Damas plans to open two stores —one on Park Street and the other at Shoppers’ Stop. The Park Street outlet will be spread across 2,000 sq ft and Shoppers’ Stop 350 sq ft. Damas started its Indian operations in August last year with its flagship store in Bangalore.

Damas India CEO Anaggh Desai told The Telegraph that despite tough competition from Titan Industries and Gitanjali Gems, the conglomerate expects to end this year with a turnover of Rs 40 crore. This will rise to Rs 140 crore by 2007-08. The topline is expected to be over Rs 600 crore when it will have a network of more than 100 stores.

Established in 1907, Damas is a leading jewellery retail chain with a network of more than 285 stores across four continents and 16 countries, including the US, Italy, Lebanon, Jordan, Maldives, Turkey and Egypt.

In India, Damas plans to introduce a large array of its in-house brands and the latest jewellery designs and watches from international brands like Roberto Coin, Scavia, Vacheron Constantin and Chronoswiss.

Desai said while domestic demand for retail jewellery (both branded and unbranded) was estimated at Rs 49,000 crore in 2005, with diamond jewellery comprising Rs 8,000 crore, a study by consulting firm McKinsey said by 2010, the branded jewellery market in India alone would touch the Rs 10,000-crore-mark.