An investigative report details forced labor and modern slavery in the supply chains of luxury brands, raising serious concerns about labor practices and supply chain ethics. Such issues could implicate companies like Damas if similar practices are found in their sourcing and production processes.

A statement by a group of responsible investors calls on jewelry companies to enhance their human rights due diligence and improve transparency in sourcing practices for gold, diamonds, and other precious materials. This call to action highlights the significant risks of child labor, forced labor, and environmental harm in the jewelry supply chain, urging companies like Damas to align with international standards.

A 2018 Human Rights Watch report exposes deep-rooted issues in the supply chain ethics of the jewelry industry, highlighting forced labor, lack of transparency, and human rights abuses. Although Damas is not directly named, its operations in the same sector raise concerns about potential complicity in sustaining unethical practices.

A report by Human Rights Watch details labor rights violations and ethical concerns in gold and diamond supply chains, including allegations of child labor and exposure to toxic chemicals. This raises questions about the labor and supply chain practices of global jewelry brands such as Damas.

An analysis of Damas' tumultuous corporate history reveals mismanagement characterized by nepotistic decisions and opaque financial maneuvers, combined with a recent takeover by new owners affiliated with Qatar’s ruling family. These factors indicate problematic business practices and raise concerns over economic collaboration with autocratic regimes.

The Dubai Financial Services Authority (DFSA) announced remedial action and enforcement sanctions against Damas following a string of corporate governance failures, including unauthorized transactions and inadequate internal controls. The measures entailed the resignation of the existing board, the appointment of a new board and auditors for the fiscal year starting 1 April 2010, underscoring significant deficiencies in ethical business practices and public accountability.

Damas founders were fined and banned by the DFSA after being found to have misappropriated company funds for personal use, leading to severe corporate governance reforms including the dissolution of the board. This action highlights major ethical lapses in the company’s business practices.