Titan Will Buy 67% of Damas Jewellery to Expand in Gulf Countries

Post by : Mumtaaz Qadiri

Photo: Reuters

Titan Company, India’s well-known jewellery and watch brand, has announced a major move to grow its business internationally. On July 22, 2025, Titan revealed that it will buy a 67% majority stake in Damas Jewellery, a famous jewellery brand based in the UAE. This acquisition will be done through an all-cash deal, and the move is seen as a big step to expand Titan’s business in the Gulf Cooperation Council (GCC) countries, which include countries like the UAE, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain.

This major business decision made Titan's shares rise nearly 1% in the stock market. On the National Stock Exchange (NSE), Titan shares went up by 0.62%, closing at Rs 3,454.4 per share.

More About the Deal

The acquisition will be carried out by Titan Holdings International FZCO, which is a wholly-owned subsidiary of Titan Company. On Monday, the company signed a definitive agreement with Mannai Corporation, the current owner of Damas Jewellery. As per the deal, Titan Holdings will purchase 67% of Damas LLC, which is the current holding company for Damas’ jewellery operations in the GCC region.

The deal is valued at an enterprise value of AED 1,038 million, which is around Rs 2,438.56 crore in Indian currency. The announcement was made in a joint statement by Titan and Mannai Corporation. This means Titan will be paying the full amount in cash to acquire this majority stake.

Why Titan is Buying Damas Jewellery

There are several reasons why Titan is investing in Damas:

1. Brand Legacy: Damas has a strong reputation and long history in the jewellery business in the Middle East, especially in the UAE.

2. Wide Presence: The brand already has a strong presence in many GCC countries, making it an attractive choice for Titan, which is looking to grow beyond India.

3. Shared Vision: Titan believes that Damas’ brand values match perfectly with Titan’s own vision for growth and quality.

4. Market Opportunity: The Middle East, especially the UAE, has a large demand for branded jewellery. This region is known for its love of gold and diamond jewellery, and Titan wants to tap into that growing market.

According to Titan, Damas Jewellery is well-positioned to grow even further, and with Titan’s support, it can enter the next phase of business expansion.

A Bit About Damas Jewellery

Damas Jewellery is headquartered in Dubai, the commercial capital of the UAE. The company has a rich history in the jewellery business and is known for its fine craftsmanship and high-quality products.

In 2012, Damas became a subsidiary of Mannai Corporation, a Qatar-based business group. Over the last decade, Damas has continued to build its presence and reputation in the region. Now, Mannai feels that the time is right for new investment and a fresh growth strategy, and that is where Titan comes in.

Grewal, a representative from the company, said that the current moment is perfect to invest in expanding Damas to the next level. With Titan’s backing, Damas will have more strength, financial support, and global experience to move forward.

About Titan Company

Titan Company Limited is one of India’s most trusted and successful lifestyle companies. It was started in 1987 as Titan Watches, a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). Over the years, Titan has grown its product line and expanded into other businesses.

In 1994, Titan entered the jewellery business with the brand Tanishq, which is now one of the biggest jewellery brands in India. Later, the company also launched Titan EyePlus, entering the eyewear and eye care business.

As of financial year 2024-25 (FY’25), Titan had revenues of Rs 57,339 crore. Out of this, the jewellery business alone contributed Rs 46,571 crore, which is more than 81% of the total revenue. This shows how important jewellery is to Titan’s overall business.

Titan’s Global Ambitions

Titan has already built a strong base in India, but now it’s looking to grow internationally. With this acquisition of Damas, Titan hopes to:

• Strengthen its footprint in the Middle East

• Reach a larger customer base in GCC countries

• Learn from Damas’ local experience and combine it with Titan’s operational excellence

• Position itself as a global player in the jewellery market

This move aligns with Tata Group’s overall vision of expanding globally and building world-class brands that compete on the international stage.

What Does This Mean for the Jewellery Market?

This acquisition is significant not just for Titan, but also for the entire jewellery industry. Here’s why:

• Consolidation of Brands: Larger companies like Titan are looking to acquire established local brands rather than build from scratch in foreign markets.

• Increased Competition: With Titan entering the GCC region strongly, local and international players will face increased competition.

• Boost in Branded Jewellery: The deal highlights the growing demand for branded and trustworthy jewellery brands over unorganized sellers.

• India-GCC Business Relations: This move could also strengthen economic ties between Indian and GCC-based companies, especially in the luxury goods sector.

The acquisition of Damas Jewellery by Titan is a strategic and well-planned business decision. Titan is making a smart move by entering a region that has cultural ties with jewellery, a love for gold, and growing purchasing power. Damas already has the name, reputation, and market knowledge. Titan brings the management strength, operational systems, and investment power.

Together, the two companies can create a new chapter of success in the international jewellery market.

This deal is another example of how Indian companies are becoming global players, spreading their wings beyond India, and competing with top brands around the world. As Titan takes this bold step, it will be interesting to watch how the brand evolves and grows in the coming years in the Middle East.

Damas Jewellery