Indian Giant Titan Acquires Middle East’s Iconic Damas Jewellery

One of the Middle East’s oldest and most renowned jewelry brands, Damas Jewellery, has been acquired by India’s Titan Company, a subsidiary of the Tata Group. The deal, worth 1.038 billion dirhams, gives Titan a 67% stake in the Dubai-based jeweler through its subsidiary, Titan Holdings International FZCO.

Founded in 1907, Damas operates 146 stores across six Gulf countries—the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman. Known for its Arabic-style jewelry featuring intricate calligraphy, the brand has been a staple in the region’s luxury market for over a century.

C.K. Venkataraman, Managing Director of Titan Company, stated that the acquisition marks a significant step in the company’s global expansion strategy. Titan also retains the option to buy the remaining 33% of shares from Qatar’s Mannai Corporation after December 31, 2029.

While Titan does not plan to overhaul Damas’s brand identity, it aims to introduce digital innovations, expand product offerings, and leverage expertise from its flagship jewelry brand, Tanishq. The move highlights Titan’s ambition to strengthen its international presence while preserving Damas’s heritage in Middle Eastern craftsmanship.

Source: Gulf News