Gismondi 1754 Spa has signed a five-year franchise agreement with Qatar’s Al Mana for the distribution of its jewellery in the GCC region.
The agreement comes with an option to renew between the parties upon expiration.
The trading company born from the agreement is named Gismondi Jewellery Qatar and will be engaged in business development for both the retail and wholesale channels, with a programme of new openings with Gismondi 1754-branded stores throughout the GCC area, with the first scheduled to open in June in Doha.
This will be followed by openings in Riyadh and Jeddah in Saudi Arabia and later on in Kuwait, Oman and the UAE.
Gismondi Jewellery, founded in Italy 1754, originally began as a traditional family-run business and has now become an internationally renowned luxury brand.
The Al Mana family ties its history to the Qatari business world with the Al Mana Group, a company founded in the 1950s and now one of the country’s most important businesses, with interests in multiple sectors, including luxury goods.
Gismondi 1754 trades in the green by 2.0 per cent at 7.50 per share.
The global jewellery market is forecast to be worth around $230 billion today, with the UAE contributing one per cent or $2 billion.
While in the UAE the segment has experienced a decline in gold purchases, the overall jewellery market in the country is still poised to grow by seven per cent owing to robust demand for diamonds and gemstones.
“There has been a dynamic shift in the jewellery market from the heavy traditional pieces to items that are accessible and usable on a daily basis. The growing demand for modern jewellery alongside an increasing number of designers entering the market further boosts the growth of the UAE Gems and Jewellery sector,” said CEO of Al Fardan Group, Hasan Fardan Al Fardan.
