Editor’s Note
Titan, part of India’s Tata Group, has announced a $283 million deal to acquire a majority stake in Dubai-based luxury jeweler Damas. This strategic move is set to significantly expand its footprint in the Middle East.
Titan Company, part of India’s Tata Group, recently announced it will acquire a 67% stake in the high-end jewelry brand Damas, headquartered in Dubai, for an estimated value of $283 million. Upon completion of the transaction, Titan is expected to become one of the largest Indian jewelry retailers in the Middle East region.
According to the announcement, Titan plans to complete the transaction by January 31, 2026, and has the right to acquire the remaining 33% stake after December 31, 2029. This transaction will be executed by Titan’s wholly-owned subsidiary, Titan Holdings International FZCO, with Standard Chartered Bank acting as the financial advisor.
Founded in 1984, Titan is a leading Indian consumer goods conglomerate. Its business covers jewelry, watches, eyewear, and other categories. It operates Tanishq, one of India’s most renowned jewelry brands, and is also the world’s fifth-largest integrated watch manufacturer.
Founded in 1907 and headquartered in Dubai, Damas is a well-known luxury jewelry retail brand in the Middle East. It operates 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain, covering the entire Gulf region.
In comparison, Titan currently operates only about seven stores in the UAE under the Tanishq brand, with relatively limited expansion since entering the local market in 2020. After this transaction is completed, Titan will gain access to Damas’s retail network in the Middle East, significantly expanding its regional market coverage.
The Middle East is an important overseas destination for Indian expatriates, where gold has long been viewed as a primary investment and store of value, leading to relatively stable related consumer demand. Some analysts pointed out:
Other active Indian jewelry brands in the Middle East region include Kalyan Jewellers, Joyalukkas, and Malabar Gold & Diamonds.
