Damas International Limited says it has received a legal notice from Al Manara Jewellery notifying the company and one of its subsidiaries Damas Jewellery LLC, of a claim filed before the Abu Dhabi Courts for AED 114.7 million (US$31 million) in relation to one of the joint venture business that the subsidiary had participated in Abu Dhabi, United Arab Emirates.

The civil suit filed by the JV partner claims compensation of an apparent breach of the joint participation agreement that the subsidiary of Damas had signed when establishing the venture. Damas firmly believes the case to be without merit and intends to vigorously defend its interests related to this civil action.