Damas CEO wins "Turnaround Executive of the Year" in 8th annual International Business Award

Damas also earns Distinguished Honoree medal in 'Company of the Year - Retail' Category. End Quote

(1888PressRelease) August 17, 2011 - Dubai, UAE: Damas, the Middle East's leading international jewellery and watch retailer, has announced that its CEO, Anan Fakhreddin, has been honoured as the 'Turnaround Executive of the Year' in the 8th annual International Business Awards (IBA) 2011. Damas International Limited also earned a 'Distinguished Honoree' Medal in the category of Company of the Year - Retail.

"It's a great honour for Damas to win these two awards and be among the selected winners from the host nation of the IBAs this year," said Ibrahim Belselah, Chairman of Damas International Limited. "The fact that we were honoured in two categories ahead of renowned multi-national companies shows the strength of Damas and its outstanding performance as the regional jewellery trendsetter and market leader."

The announcement comes only weeks after Damas announced a net profit of AED 53.3 million for the financial year ended 31 March 2011. Damas had reported a loss of AED 2 billion in the previous financial year.

The IBA is the only global, all-encompassing business awards program honouring great performances in business. Honorees were selected from more than 3,000 entries received from organisations and individuals in more than 40 nations. The awards ceremony will be held at the Emirates Palace in Abu Dhabi on October 11, 2011. The complete list of honourees and other details are available at: www.stevieawards.com/iba.

About Damas:

The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and jewellery network spanning the Middle East and South Asia. Quality consciousness, inspirational leadership and international reputation have led Damas to win prestigious awards including the exclusive De Beers Award 2000, 2004 and 2007 for jewellery design. Damas International Limited is listed on Nasdaq Dubai (former Dubai International Financial Exchange) and its shares are traded under the ticker 'DAMAS'.

For more information please contact:
Damas PR Department
Tel: +971-4459200
E-mail: damasnews ( @ ) damasjewellery dot com

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