Damas Owner

Published: January 03, 2008, 08:57 XPRESS

Man of gold: The Midas touch By Jay B. Hilotin, Chief Reporter The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse. Near record-high prices won’t stop Dubai’s gold trade from growing, the city’s gold mogul says. Tawhid Abdullah, Managing Director of Damas Jewellery LLC, whose 141 stores across the UAE account for about 12 per cent – 170 kg – of daily gold sales, says the spike is temporary and won’t dislodge Dubai’s status. "Our customers come from around the world. We think gold trade will continue to grow by 10 per cent in the next five years. Whether Dubai stands at No. 1 or No. 2 in the gold trade, it won’t matter. It’s already a big player." After India, the UAE is now the world’s biggest bullion trading point, selling about 1.4 tonnes of gold a day (of which 700 kg are gold bullions), 50 per cent higher than in 2000, says Abdullah. *How often do you buy gold? Vote in our poll. Gold prices reached a 28-year high recently, shrinking Dubai gold sales by six per cent in October. It peaked at $845.40 (Dh3,122) an ounce in early November last year, $5 (Dh18.3) away from its all-time high of $850 (fixed in London in January 1980). On January 1, 2008, gold slipped to $833.30 (Dh3,060). SIMPLE SPARKLE Despite the glitter all around this goliath of the gold trade, Abdullah lives a bit of a spartan life. He does not wear a single gram of gold or carat of diamond, though his 346 stores worldwide carry about 100 times his body weight in gold. Abdullah, who turns 50 next month, runs the multi-billion dollar company from an unassuming office overlooking Dubai’s fish market. Some of his underlings carry fancier mobile phones than his three-year-old Nokia 6230. The only fancy gear in his workplace is a Reuters terminal that shows gold price movements. The US-educated jeweller is happy to work from a modest desk at the corner of an open-layout shop that looks like a warehouse. White trays carrying jewellery worth tens of millions of dollars are stacked all over the place. Not far from his desk, dozens of long-sleeved Indian assistants work behind the counter dealing with customers – Africans, Asians, Westerners, Arabs.

Says, Abdullah says, "I’m happy with my barakat (blessings). I’m comfortable here, so I stick to it." GLOBAL RECOGNITION In 2004, he received Italy’s highest civilian Commendatore award for promoting Italian jewellery trade. The Arabian Business Awards named him Businessman of the Year in 2006. In April 2007, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, gave Abdullah the Best Entrepreneurial Mentor special award for his support for the young UAE businessmen. He was recently named one of the top 100 CEOs in the region. He sits on the board of a number of Damas subsidiaries, and is also the MD of the Dubai Gold and Jewellery Group. Cibjo, the World Jewellery Confederation, also picked Abdullah as President of its Marketing Commission. Moreover, Damas has won the exclusive De Beers Award in 2000 and 2004 for jewellery design. A HUMANITARIAN Abdullah, who has been in the gold trade since he was 12, is a multi-tasker and is respected not only for his business acumen but also for his humanitarian nature. Damas has received more than 100 citations from various charities they support. He serves as the Director of Dubai Autism Centre, and of the Rashid Paediatric Centre (a school for special needs children). The father of seven – who keeps chit-chatting with his customers in Arabic, English, Farsi and Hindi – treasures the work and loyalty of his 25 top-notch executives and thousands of staff. SIBLING AFFAIR Says Abdullah, "I’m in charge of finance, wholesale and retail – as well as the spokesperson. My eldest brother, Tawfiq, is in charge of human resources and operations. Tamjid, the youngest, is in charge of buying." GLITTERING BUSINESS Abdullah’s sights are trained elsewhere. "We are on the way to making Damas a global brand," he says. His main challenge: how to attract the world’s young who have shunned jewellery in favour of fancy bling-bling. Asked why he does not wear what he sells, Abdullah explains, "Arab men, by tradition, are not supposed to wear gold." 