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Tata Group’s Titan Company is in advanced talks to acquire a 72% stake in Dubai-based Damas International, a leading jewellery retailer in the Gulf region, in a deal estimated at ₹2,500 crore, according to a report by The Economic Times. The proposed transaction, currently in the due diligence phase, would see the remaining 28% stake in Damas retained by its current owner, Mannai Corporation. Sources familiar with the development indicate that a preliminary agreement has been reached, with deal closure expected in the second quarter of FY26.
The acquisition price follows negotiations that began with Damas seeking approximately ₹3,000 crore. Titan is expected to follow a similar model to its acquisition of CaratLane, in which it initially picked up a majority stake in 2016 and gradually acquired full ownership.
Damas International operates 251 stores across the Gulf Cooperation Council (GCC) region. It offers a blend of in-house jewellery lines and global luxury brands, including Graff, Roberto Coin, Mikimoto, Marco Bicego, Forevermark, and Parmigiani. The acquisition would significantly enhance Titan’s international retail footprint and strengthen its position in the global luxury jewellery segment.
Titan’s existing jewellery portfolio includes flagship brand Tanishq, along with Zoya, CaratLane, and Mia by Tanishq. The company is currently auditing Damas' financials and assessing potential restructuring strategies, including the possibility of rebranding the retail outlets under “Damas by Titan.”
This move underscores Titan’s ongoing strategy to expand its presence beyond India and tap into affluent markets in the Middle East. If finalized, the Damas acquisition would represent one of Titan’s most significant international investments to date.
