【Dubai, UAE /】Titan to Acquire Majority Stake in Dubai Jewellery Firm Damas, Expanding Presence in Gulf Countries

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Editor’s Note

Titan, part of the Tata Group, has agreed to acquire a majority stake in Dubai’s Damas jewellery firm, marking a strategic move to expand its presence in the Gulf region.

Image used for representational purposes
Strategic Acquisition for GCC Expansion

Titan has entered into an agreement to acquire a 67% stake in Dubai-based jewellery firm Damas from Qatar-based Mannai Corporation. The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million (approximately $282 million).

The Tata Group company, which operates Tanishq jewellery stores in India and abroad, would also have the option to acquire the remaining 33% stake from Mannai after December 31, 2029.

Titan stated that the acquisition is strategically significant for its jewellery business as it will facilitate expansion across the six Gulf Cooperation Council (GCC) countries: the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before the completion of the proposed transaction (on or before January 31, 2026).

Management Commentary

C.K. Venkataraman, Managing Director of Titan, commented on the strategic move:

“After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage.”

He further elaborated:

“With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities…The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”
Company Profiles and Market Context

Founded in 1907, Damas operates 146 stores across the six GCC nations and retails both in-house and international labels. Damas LLC reported revenue of AED 1,461 million in 2024.

Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, stated that Mannai will retain a minority stake in Damas for the next four years as growth plans for the company proceed.

“It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt,” added Grewal.

Titan highlighted the market opportunity in a statement:

“The region is exhibiting robust economic growth creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs.”

Mannai Corporation is a publicly listed company headquartered in Qatar, primarily focused on B2B trade and IT services. Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012.

Other Indian jewellery brands like Malabar Gold & Diamonds and Kalyan Jewellers also have a significant presence in the Gulf region.

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⏰ Published on: July 21, 2025