Titan Company buys majority stake in Dubai’s jewellery chain Damas for $283 mn

Yeni Delhi: On Monday, time and jewelery retailer Titan Co. LTD, Dubai -based jewelery Damas LLC (UAE), the majority shares for 283 million dollars or 1.04 billion dirhams, and the Middle East to expand the footprint and the Indian Diaspora aims to appeal to a customer base, he said.

According to a regulatory filing by Titan, Titan, Titan, through the Titan Holdings International, Titan Holdings International made an agreement to buy a 67% share in the Gulf Cooperation Council (GCC) countries of Damas’s Holding Company.

The aim of the agreement is to achieve all jewelry works, including the Damas brand organized by Mannai in GCC countries.

As of March 31, Tanishq runs two MIA by 13 stores in GCC countries and Tanishq Outlet.

Titan’s stock settled 1% higher LaMonday on BSE 3,433.30.

Middle East Expansion

This movement aims to expand Titan’s footprint in the Middle East and to participate in a league of other homemade gold and diamond retailers in the Gulf.

Read more: Foreign luxury jewelers chasing India’s young, rich buyers

Founded in 1907, Damas jewels have a network consisting of 146 stores in six GCC countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas is home to a high -level international jewel labels as well as an in -house collection portfolio with curator.

Titan Co.

Typically, Indian jewelery brands expanded in these markets with demand from the Indian Diaspora, which continues to value jewelry purchases. However, Titan will use the purchase to focus on other nations and ethnic origins.

Titan Holdings will have 67% of the capital and vote rights in Damas and 31% of the balance subject to the conditions after 31 December 2029. Damas’s current Graff Monobrand franchise business will be stopped before the completion of the process per filing to the stock market.

Titan Co. is running the Tanishq jewel brand in Miidle East, with the stores in Dubai and Abu Dhabi.

The latest financial, both Tanishq and Zoya expanded its global assets, and the stores in the North America and GCC regions appeal to the Indian diaspora. Diamond brand Caratlane also opened its first international store in New Jersey in the USA in the FY25.

Titan’s General Manager CK Venkataraman said, “After successfully founded Tanishq in GCC countries and the United States, our passion for a global jewel game is going to the next stage. Titan Company steps from Diaspora focus to other nationalities and ethnic origins.

“Purchasing not only creates an important new global opportunity for Titan, but also improves Titan’s general position in the GCC countries in the GCC countries and provides more than one synergy in the retail nets and supply chain.”

Read more: As gold prices reach a record level, Tanishq rethink the wedding jewelry strategy

Analysts said that the movement can potentially offer the company a play book to expand in international markets beyond its own brands. The agreement, Wazir Advisors General Manager and partner Harkinder Sahni’yi very “meaning,” he said.

This said he could work abroad as a model in which they create more assets in jewelery. “Tata group has bandwidth and integration capabilities for such a movement. The movement is also interesting because the Indian Diaspora emphasizes expansion beyond the existing and core consumer base,” he added. TATA Group is already running a consumer goods business through TATA consumer products in markets abroad.

The GCC region shows strong economic growth that creates a demand for different, high -quality offers that appeal to the sophisticated customer looking for Arab aesthetics and looking for unique, cultural resonant designs.

To be sure, the jewelers from Southern India have an important presence in these markets with brands such as Malabar Gold & Diamonds, Joyalukkas, Kalyan jewelers in the Middle East.

Mannai Corporation has commercial interests in the inter -business segment based on trade and IT services. Headquartered in Dubai, Damas became a subsidiary of Mannai in 2012 and it is time to invest in the next stage of the expansion of the region, Mannai Corporation, Chairman of the Group Executive Officer.

Read more: Kalyan leaves Titan behind in a quarter – will the gap expand further?

“Mannai will continue to have a minority share in Damas for the next 4 years as Damas’s growth plans have been taken forward.

Titan Company sells jewels (Tanishq), clocks, eyecare products, odors, accessories and castor dress clothes (grain) and women’s bags (INH).

The company exceeded the company’s jewelry sales in FY25 LaFor the first time, 50,000 Crore reflects a 20% leap in annual revenues. Reported La60,456 Crore operations (consolidated) income increased by 18%.

As of March 31, 2025, Titan operated 3,312 stores.