Titan Buys 67% Stake In Dubai’s Damas For $283 Million

Titan acquires 67% of Dubai’s Damas for $283M, expanding in GCC nations. Deal boosts Tata group’s jewellery presence across UAE, Saudi, Qatar, and more

Bianca Qureshi• 7/21/2025• 1817 Views

Photo: Reuters

Titan Company, a part of the famous Tata Group, has made a big move to grow its jewellery business. On July 21, Titan announced that it is buying a 67 percent stake in Damas, a well-known jewellery brand based in Dubai. This deal is worth $283.2 million. Titan is buying this stake from Mannai Corporation, a company from Qatar.

This purchase is an important step for Titan because it will help the company grow in many countries in the Middle East, also known as the Gulf Cooperation Council (GCC) countries. These countries include UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.

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What Did Titan Say About The Deal?

In its statement to the stock exchange, Titan said that buying Damas will help them expand their business in six GCC countries. Currently, Damas has 146 stores in these countries. The brand sells both its own jewellery designs and international brands in its stores.

Why Did Titan Buy Damas?

The Managing Director of Titan, CK Venkataraman, explained the reason behind this purchase. He said:

Titan wants to reach more customers: Till now, Titan’s focus in the Middle East was mainly on the Indian community living there. But by buying Damas, Titan will now connect with different nationalities and ethnic groups.
Damas is a strong brand: Damas is famous in GCC countries because of its unique designs, high quality products, and excellent customer service.
New global opportunities: This deal will help Titan grow globally, especially in the Middle East. Titan will get many benefits like better retail networks, good supply chains, and talented staff by joining hands with Damas.

What Is The Importance Of This Deal For Titan?

This deal is very important for Titan because:

Titan earns almost 90 percent of its revenue from jewellery sales.
The company already has its jewellery brand Tanishq stores in UAE since October 2020.
By buying Damas, Titan will become stronger in the Middle East jewellery market, which is known for its rich culture and high jewellery demand.

More About Damas Jewellery

Damas is a famous jewellery brand in the Middle East. It has been selling beautiful jewellery designs that mix Arabian culture with modern styles.

In a statement, Titan said: “The Middle East is growing fast economically. People there want special, high-quality jewellery with Arabian designs that show their culture. Damas understands this and creates products that the people love.”

What Will Happen To The Remaining 33 Percent Shares?

Titan is buying 67 percent shares right now, but what about the remaining 33 percent shares of Damas?

According to the company, Titan will have the right to buy the remaining shares after December 31, 2029. This means, in future, Titan can become the full owner of Damas if it wants to.

What Did Mannai Corporation Say?

Mannai Corporation, which is selling its majority stake in Damas, will still keep 33 percent shares for the next four years.

The CEO of Mannai, Alekh Grewal, said:

Mannai will use the money it gets from selling Damas to strengthen its other businesses like trade and IT services.
They will also use the money to reduce their company’s debt.
Mannai is happy that Titan is taking Damas forward because Titan is known for its strong business management and growth plans.

How Did The Stock Market React?

On the day of the announcement, Titan’s share price increased by 0.74 percent and closed at Rs 3,428 on the NSE (National Stock Exchange). However, the company announced this deal after the market hours, which means the actual impact on the stock might be seen in the coming days.

Why Is This Deal Important For The Tata Group?

Titan is a part of the Tata Group, one of India’s biggest business groups. By buying Damas, Tata Group is showing its interest in becoming a global leader in the jewellery market.

This deal:

Will help Titan reach more customers from different countries.
Will bring new designs and cultural variety to Titan’s jewellery collections.
Will make Tata Group’s brand stronger in the Middle East and possibly in other regions in the future.

What Do Experts Think?

Experts believe that:

The jewellery market in GCC countries is very big and profitable.
Buying Damas will help Titan compete with other big jewellery brands in the world.
Titan will gain new technology, better supply chains, and more skilled people because Damas already has a strong system in place.

What Is Next For Titan And Damas?

After this deal:

Titan will start working with the Damas team to plan new designs, marketing strategies, and store expansions.
They will try to use each other’s strengths to grow faster.
Titan might slowly buy the remaining shares after 2029 to become the full owner.

This deal between Titan and Damas is not just a business deal. It is also a cultural and strategic move that shows how Indian companies are becoming global brands. Titan’s step will help the company reach more customers worldwide and will also bring new designs and ideas to its jewellery business.

For the customers in GCC countries, this deal means they will continue to get beautiful and high-quality jewellery, with even more variety and better services in the coming years.