Damas International, headquartered in Dubai is planning on closing down its Italian subsidiary, DIT Group SPA. The Italian subsidiary had not enjoyed business, and contributed less than 2 percent to the group’s total revenues in fiscal 2009, reports say. It has been facing losses.

DIT Group SPA trades under the trademarks - Stefan Hafner, loSi, Porrati and Nouvelle Bague. The jewellery division of Damas holds 87.23 percent stake in DIT’s share capital. The decision to close the Italian subsidiary came at a time when Damas' chief executive officer (CEO) Tawhid Abdulla resigned. The board at Damas has appointed Damas’ deputy CEO Hisham Ashour as a replacement to Abdulla. Ashour has assumed office since October 11, 2009.