Indian conglomerate Titan Company Limited, part of the Tata Group, has announced the acquisition of a 67% majority stake in Damas Jewellery LLC, a legacy luxury retailer headquartered in Dubai. The deal, valued at over AED 1.038 billion (approximately INR 2,350 crore or USD 283 million), marks a major move by Titan to solidify its footprint across the Gulf Cooperation Council (GCC) region.
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The agreement was signed with Mannai Corporation, a Qatar-based holding company that acquired Damas in 2012. Titan aims to complete the transaction by January 31, 2026, and retains the right to buy the remaining 33% stake after December 31, 2029.
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Damas: A 100+ Year Legacy in Middle East Jewellery
Founded in 1907 in Dubai, Damas Jewellery is one of the most recognized luxury jewellery brands in the Middle East. It currently operates 146 stores across six GCC countries, with a strong customer base that includes both locals and expatriates.
In 2024, Damas reported a turnover of AED 1.461 billion (~USD 398 million), indicating solid market presence and brand equity in the region’s highly competitive luxury sector.
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Titan’s International Play: Beyond the Indian Diaspora
Titan’s acquisition of Damas builds on its international expansion strategy. After launching Tanishq stores in the UAE, Qatar, Saudi Arabia, and USA, this acquisition shifts its focus beyond the Indian diaspora to a more diverse Middle Eastern customer base.
“With the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities,”
— C.K. Venkataraman, MD of Titan Company
Strategic Synergies and Market Impact
The acquisition brings several synergy benefits:
- Talent Pool: Combining Titan’s design and manufacturing capabilities with Damas’s regional retail expertise
- Retail Network: Enhancing Titan’s store network instantly across the GCC
- Supply Chain: Leveraging shared logistics, sourcing, and operations
The acquisition will be completed via Signature Jewellery Holding Limited, a company registered in Dubai International Financial Centre (DIFC), which will become the new holding entity for Damas and its subsidiaries.
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Mannai Corporation to Retain Minority Stake for 4 Years
Alekh Grewal, Group CEO of Mannai Corporation, confirmed that Mannai will retain a minority stake in Damas for the next four years to support its growth strategy.
“We are confident that the combination of Damas and Titan will drive Damas in the next chapter of its growth trajectory,”
— Alekh Grewal, CEO of Mannai Corporation
Proceeds from the sale will be used by Mannai to reduce debt and invest further in its core trade and IT services businesses.
Titan’s Retail Push in the GCC and Global Market
This acquisition strengthens Titan’s ambition to become a global jewellery powerhouse. With the GCC being one of the fastest-growing luxury jewellery markets, especially in UAE and Saudi Arabia, Titan now gains a direct route to compete with global players like Chow Tai Fook, Cartier, and Malabar Gold & Diamonds.
In the broader context, the deal represents one of the largest cross-border acquisitions in the retail jewellery space between India and the Gulf in recent years.
What’s Next?
Titan is expected to:
- Begin operational integration in early 2026
- Expand Damas’s digital and e-commerce offerings
- Explore new design lines to attract broader customer segments
The transaction is subject to regulatory approvals and customary closing conditions.
Titan’s acquisition of Damas is more than just a business deal — it’s a strategic move that blends tradition with modern retail ambitions. For the GCC market, it signals renewed interest from Indian giants in long-term regional investments.
As Middle East retail continues to evolve, expect Titan and Damas to play a big role in shaping the next chapter of jewellery shopping in the region.
