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Titan Company, an Indian jewelry giant and part of the esteemed Tata Group, Titan acquires majority stake in Damas has made a groundbreaking move by acquiring a 67% majority stake in Dubai-based luxury jewelry retailer Damas for $283 million (AED 1.04 billion), signaling a bold expansion in the Gulf Cooperation Council (GCC) region. This acquisition not only marks a milestone in Titan’s global footprint but also reshapes the jewelry retail landscape across the Gulf countries, including the UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain.
Context & Background: The Emerging GCC Jewellery Market
The GCC region has long been a lucrative market for luxury goods, particularly jewelry, driven by affluent local populations, vibrant tourism, and rising demand for culturally resonant designs. Titan acquires majority stake in Damas .Damas, founded in 1907 and headquartered in Dubai, has become one of the most iconic jewelry retailers in the Middle East with 146 stores operating across all six GCC countries. Known for its craftsmanship that beautifully blends Arabic aesthetics with contemporary design, Damas caters to a diverse clientele of natives and expatriates seeking premium quality jewelry.
Titan’s foray into this market began in October 2020 with the launch of its flagship Tanishq stores in the UAE. However, acquiring Damas vastly accelerates this presence and diversifies Titan’s customer base beyond the South Asian diaspora to include a wider array of ethnicities prevalent in the Gulf. This is crucial in an economy where jewellery is both a personal luxury and a preferred form of investment.
Main Updates: Key Details of the Acquisition and Strategic Implications
Titan acquires majority stake in Damas Through its wholly owned subsidiary Titan Holdings International FZCO, Titan acquired 67% ownership of Damas’ holding company, Damas LLC, from Qatar-based Mannai Corporation. The deal, valued at approximately $283 million, includes an option for Titan to acquire the remaining 33% stake after December 31, 2029, under mutually agreed terms. The acquisition is expected to close by January 31, 2026, pending regulatory approvals.
Titan plans to fund this transaction through a blend of existing cash reserves, debt, and internal accruals. With Damas reporting a consolidated turnover of AED 1.46 billion as of December 2024, this investment promises to enhance Titan’s revenue streams significantly. Titan’s Managing Director, C.K. Venkataraman, emphasized that this move is a strategic leap from the company’s original focus on the Indian diaspora toward embracing diverse Gulf nationalities and ethnicities, fitting perfectly with its broader vision for global jewellery leadership.
Discontinuing the Graff monobrand franchise, previously operated by Damas, signals Titan’s intent to revamp and innovate within the brand’s portfolio, tailoring products more closely aligned with regional tastes and preferences.
Regional Impact: Strengthening GCC Luxury Jewellery Landscape
Titan acquires majority stake in Damas this acquisition holds transformative potential for the GCC retail jewelry sector. Titan’s expanded presence via Damas will deepen cross-border retail integration within the region, bringing enhanced product offerings and improved customer experiences. It also underscores the economic dynamism of the Gulf states as hubs for luxury consumption and cultural heritage preservation.
For the UAE, where both companies are headquartered, this represents a boost to the local luxury market and employment opportunities. Saudi Arabia and Qatar, with their ambitious economic diversification strategies under Vision 2030 and the National Vision 2030 respectively, stand to benefit from greater retail sophistication and international brand collaborations.
Moreover, Titan’s entry reinforces competitive pressure on established players like Kalyan Jewellers, Malabar Gold & Diamonds, and Joy Alukkas, enriching the market with more innovation and consumer choice. The deal aligns well with the GCC’s ongoing focus on fostering multi-national commercial ties and economic resilience amidst global uncertainties.
Conclusion: A Glimmering Future for Titan and GCC Jewellery Markets
Titan’s $283 million acquisition of a majority stake in Damas marks a strategic milestone, vastly amplifying its GCC market presence and setting a new benchmark in luxury retail expansion. This bold move not only delivers significant growth opportunities but also enhances Titan’s standing as a global jewellery powerhouse with culturally nuanced offerings. As the deal completes early next year, the jewellery scene across the Gulf is set for an exciting transformation, driven by innovation, deeper market integration, and enriched consumer experiences.
For more insights on regional retail trends and business strategies, read our previous posts on GCC economic diversification and luxury retail growth on The Credible Story.
🔗 External Sources:
- Economic Times: “Titan to buy majority stake in Dubai’s Damas jewelry”
- Reuters: “India’s Titan to buy majority stake in Dubai’s Damas”
🔗 Internal Links:
