Titan Acquires 67% Stake in Dubai-Based Damas Jewellery for $283 Million to Boost Middle East Presence

Titan Company Ltd., one of India’s leading lifestyle and jewellery retailers, announced on Monday that it will acquire a majority stake in Dubai-headquartered Damas Jewellery in a strategic move to deepen its presence in the Middle East.

Through its wholly owned subsidiary, Titan Holdings International, the company has entered into a definitive agreement to purchase a 67% stake in the jewellery business of Damas LLC for $283 million (approx. ₹2,360 crore or AED 1.04 billion) from Qatar-based Mannai Corporation, according to a regulatory filing.

The deal includes ownership of the Damas brand and its entire jewellery operations across the six Gulf Cooperation Council (GCC) countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain—where Damas operates a network of 146 retail outlets.

While Indian jewellers have traditionally catered to the Indian diaspora in the GCC region, Titan said it plans to use the Damas platform to reach broader customer segments across nationalities. Titan currently operates 13 Tanishq stores and 2 Mia by Tanishq outlets in the Middle East.

The acquisition gives Titan immediate access to a well-established regional player with a heritage dating back to 1907. Damas reported a consolidated turnover of $394.47 million in FY24, reflecting its strong market position and brand equity.

Titan will hold 67% of the equity and voting rights in Damas, with an option to acquire the remaining 33% stake after December 31, 2029, subject to regulatory and contractual conditions. The current Graff Monobrand franchise business operated by Damas will be discontinued before the deal is finalized, the filing noted.

Following the announcement, Titan’s stock closed 1% higher at ₹3,433.30 on the Bombay Stock Exchange (BSE).

This acquisition marks a significant milestone in Titan’s international growth strategy. Over the past year, its flagship jewellery brands Tanishq and Zoya have expanded into the GCC and North American markets, while CaratLane, Titan’s digital-first diamond jewellery venture, recently launched its first international store in New Jersey, USA.

By leveraging Damas’s established footprint and market familiarity, Titan aims to fast-track its international ambitions and evolve from a diaspora-focused player to a globally recognized jewellery brand.