Watch and jewellery retailer Titan Co. Ltd on Monday said it’s acquiring a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million, or 1.04 billion dirham, as it aims to expand its footprint in the Middle East and cater to a broader base of clientele beyond the Indian diaspora.
Titan, via its fully owned arm Titan Holdings International, has entered a pact to buy a 67% stake in Damas’s holding company for its jewellery business in the Gulf Cooperation Council (GCC) countries from publicly listed Mannai Corp., headquartered in Qatar, according to a regulatory filing by Titan.
The purpose of the deal is to acquire the entire jewellery business, including the brand Damas, held by Mannai in the GCC countries.As of 31 March, Tanishq operates 13 stores in GCC countries and two Mia by Tanishq outlets. Titan’s stock settled 1% higher at ₹3,433.30 on the BSE on Monday.This move aims to expand Titan’s footprint in the Middle East, joining a league of other homegrown gold and diamond retailers with a presence in the Gulf.
Damas Jewellery, founded in 1907, has a network of 146 stores across the six GCC countries—the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas houses a curated portfolio of in-house collections alongside high-end international jewellery labels. Damas reported a consolidated turnover of $394.47 million in FY24, according to regulatory filings made by Titan Co.
Typically, Indian jewellery brands have expanded in these markets, drawn by demand from the Indian diaspora that continue to value jewellery purchases. Titan will, however, use the acquisition to focus on other nationalities and ethnicities.
Titan Holdings will hold 67% of the equity share capital and voting rights in Damas and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions. The current Graff Monobrand franchise business of Damas will be discontinued before completion of the transaction, per a filing with the exchanges.
Titan Co. already operates its Tanishq jewellery brand in the Miidle East, with stores in Dubai and Abu Dhabi.
Last fiscal, both Tanishq and Zoya expanded their global presence, opening stores in North America and GCC region primarily catering to the Indian diaspora. Its diamond brand Caratlane also opened its first international store in New Jersey, USA in FY25.