Dramatic Shift in Dubai Jewelry as Titan Buys Damas for Dh1 Billion

Dubai Jewelry News: Titan Group Makes Landmark Entry into GCC’s Glittering Market

In a high-profile move set to redefine the luxury jewelry landscape across the Gulf, India’s Titan Company, part of the Tata Group, has struck a mega-deal to acquire a 67 percent stake in Damas Jewellery, the century-old Dubai-born brand that has long been a symbol of opulence and craftsmanship in the region. Valued at a hefty Dh1.038 billion (approximately $280 million), the acquisition will take place through Titan’s fully owned subsidiary, Titan Holdings International FZCO.

Title: India’s Titan Jewelry takes over Damas Jewelry stores and operations across the UAE
Image Credit: Damas

Damas, founded in 1907 and revered for blending traditional Arab aesthetics with modern elegance, currently operates 146 stores across six key Gulf markets—UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman. This Dubai Jewelry News report confirms that Titan now holds a solid foothold in the GCC’s luxury retail segment, aiming to capitalize on the surge in demand for heritage-rich yet globally relevant jewelry among both Gulf residents and international tourists.

Strategic Pivot for Titan Beyond South Asian Diaspora

The acquisition is more than just a financial transaction—it marks a bold strategic shift for Titan, moving beyond its stronghold within the South Asian diaspora to appeal to a broader spectrum of nationalities and cultures. Titan’s Managing Director, C.K. Venkataraman, described the deal as the company’s “next stage in global jewelry play,” emphasizing that the Damas brand will allow Titan to harness synergies across retail operations, supply chain logistics, and human capital development.

While Titan has secured the majority stake, it also retains the right to acquire the remaining 33 percent from Mannai Corporation, Damas’ current parent company, after December 31, 2029. The transaction will be funded through a combination of internal cash reserves, accrued earnings, and debt, subject to regulatory approvals and customary closing conditions.

What This Means for Damas Shoppers in the UAE and GCC

Customers across the Gulf can expect continuity in the Damas retail experience—for now. Titan has no plans for sweeping changes in the short term. Instead, the Indian giant will focus on maintaining the core identity of the Damas brand, which is closely associated with Arabic calligraphy, intricate bridal jewelry, and contemporary designs inspired by regional architecture.

What may evolve, however, is the brand’s retail innovation and product diversity, thanks to Titan’s technological expertise and its successful Indian label, Tanishq. The current Graff monobrand franchise under Damas will be phased out before the deal’s final closure, marking the start of a new brand architecture for the company.

Mannai Corporation Bows Out but Retains Minority Stake

Mannai Corporation, which acquired Damas back in 2012 and steered its regional expansion, will remain a minority shareholder with a 33 percent stake for another four years. Alekh Grewal, Group CEO of Mannai, expressed confidence in Titan’s ability to lead Damas into a new era. “We are delighted that Titan is investing in the future of Damas. Both companies share a passion for fine jewelry, innovative design, and customer excellence,” he said.

The proceeds from this deal will help Mannai focus on its core ventures in IT and trade, while also reducing its group-level debt, according to internal company sources.

A Fusion of Gulf Heritage and Indian Innovation

For over a century, Damas has curated a legacy of emotionally resonant pieces—from classic gold bangles and Arabic-script pendants to exquisite bridal collections. The brand has captured hearts across generations, becoming a staple in weddings, religious celebrations, and milestones. Titan’s entry is set to elevate that legacy, introducing efficiency, data-driven retail intelligence, and broader design sensibilities.

As Titan bets big on Dubai and the wider Gulf region, consumers are poised to gain from the blend of Damas’ deep-rooted local identity with Titan’s innovation-first approach. For loyal Damas clients, it may well be the dawn of a golden era where authenticity and modernity go hand in hand.

This major acquisition reinforces Dubai’s position as the beating heart of the Middle East’s luxury jewelry market, drawing global giants eager to tap into the region’s sophisticated tastes and cultural values. The collaboration between Damas and Titan could serve as a blueprint for future cross-border luxury retail ventures. For the latest Dubai Jewelry News, keep on logging to Bangkok Gems News