Dubai's Damas Jewellery gets big new owner after Dh1 billion buyout by India's Titan

22/07/2025 01:27 AST

One of the Gulf's most iconic jewellery names is getting an ambitious new owner.

Titan Company, a Tata Group enterprise, is acquiring a 67% stake in Damas Jewellery, the century-old Dubai-born brand synonymous with Arab craftsmanship and elegance.

The Dh1.038 billion ($280 million) deal - inked through Titan's wholly owned subsidiary, Titan Holdings International FZCO - is aimed at accelerating the Indian conglomerate's presence across the GCC's luxury jewellery landscape.

Strategic sparkle for Titan
This deal, formally signed on July 21, gives Titan a significant regional footprint. Damas currently operates 146 stores across six Gulf countries - the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman.

With rising demand for culturally resonant jewellery among affluent Gulf residents and tourists, Titan sees this acquisition as a golden ticket to widen its appeal beyond the South Asian diaspora.

"This marks the next stage in our global jewellery play," said C.K. Venkataraman, Managing Director of Titan Company. "With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities."

He added that the acquisition creates "a significant new global opportunity for Titan," while also unlocking synergies across retail, supply chain, and talent.

Titan has the right to acquire the remaining 33% stake from Qatar's Mannai Corporation after December 31, 2029. The transaction will be funded through internal accruals, cash reserves, and debt - subject to closing adjustments and regulatory approvals.

Will it affect UAE shoppers?
While no immediate changes are expected in Damas outlets, the move signals an intent to scale up.

Titan is expected to preserve the essence of the Damas brand - known for jewellery inspired by Arabic calligraphy and regional architecture - while bringing in digital capabilities, product breadth, and retail innovation from its flagship Tanishq brand.

The current Graff monobrand franchisee business under Damas will be discontinued before the deal is completed.

Mannai stays on as partner
Mannai Corporation, which acquired Damas in 2012, believes Titan is the right partner for the next phase of the brand's growth.

"We are delighted that Titan is investing in the future of Damas," said Alekh Grewal, Group CEO of Mannai. "Both Titan and Damas share the same values - passion for beautiful jewellery, innovative design, and dedicated customer service."

Mannai will retain a 33% stake for four more years. The proceeds from the sale will be used to strengthen its core businesses in trade and IT, as well as reduce group debt.

Gulf legacy, a global ambition
Founded in 1907, Damas has built a reputation for curating luxurious collections that blend heritage with contemporary design.

From handcrafted bridal sets to Arabic-script pendants, it's a brand with deep emotional and cultural resonance across the region - especially among expats and nationals who value authenticity and story-led design.

With this acquisition, Titan is placing a big bet on the Gulf - not just as a market, but as a source of jewellery inspiration and loyalty.

For UAE shoppers, that could mean the best of both worlds: Damas' trusted heritage, powered by Titan's innovation engine.

Gulfnews