India’s leading jewellery house, Titan Company Ltd, is stepping into the global spotlight with a bold acquisition. In a strategic move to expand its footprint across the GCC luxury market, Titan has acquired a 67% stake in Dubai-based Damas Jewellery for AED 1.04 billion (~₹2,439 crore). The remaining 33% stake can be picked up after December 2029, giving Titan full control of one of the Middle East’s most iconic retail jewellery brands.
What the Deal Involves
- Acquirer: Titan Holdings International (subsidiary of Titan Company)
- Seller: Mannai Corporation (Qatar-based, current owner of Damas)
- Target: 67% controlling interest in Damas Jewellery
- Valuation: ~$283 million
- Titan is not just chasing sales—it’s chasing influence. This acquisition brings 146 Damas stores across UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain under Titan’s fold. It’s a calculated leap from diaspora-driven retail to multi-ethnic luxury branding
Why Damas Matters
Founded in 1907, Damas has deep roots in the Middle Eastern jewellery landscape, known for high-end retail, craftsmanship, and local resonance. With Titan’s powerhouse brands like Tanishq, Zoya, and Caratlane, this merger opens the door to:
Product diversification across cultures
Modern retail innovation via digital and omni-channel strategy
Brand integration leveraging Damas heritage and Titan’s scale
Titan’s MD C.K. Venkataraman called it the “next stage” in the brand’s international evolution.