Titan’s $283M Damas Acquisition Eyes GCC Jewellery Market Domination

Malaz Madani

Last updated 22-07-2025

4 min

Titan Company is acquiring a 67% stake in Damas Jewellery for $283 million.

The acquisition through Titan Holdings involves buying from Qatar's Mannai Corporation.

Titan's move enhances its presence in the lucrative GCC jewellery market.

There's an option for Titan to acquire the remaining 33% of Damas by 2029.

This bold strategy signals Titan's ambition to become a regional powerhouse.

Every so often, a deal lands that really shakes up the regional business scene—and Titan Company’s recent play in the Gulf is a textbook example. The Indian giant, famous for watches and jewellery and operating under the Tata Group banner, has agreed to snap up a 67% stake in Damas Jewellery for AED 1,038 million, or roughly $283 million. With this move, Titan looks set to step well beyond its home turf and carve out a serious chunk of the lucrative GCC jewellery market.

So, how did all this come about? Titan is making the purchase through its subsidiary, Titan Holdings International FZCO, buying into Damas via a deal with Qatar’s Mannai Corporation—the present top dog at Damas. If all goes according to plan and regulatory boxes are ticked, the acquisition should be tied up by January 2026. For me, what's interesting isn’t just the price or big names involved, but how it signals a shift in the ambitions of brands across our region. It’s like watching a local football club suddenly sign a big-name player from abroad; the message is clear—they’re aiming a lot higher.

A bit of history never hurts, right? Founded back in 1907, Damas boasts an impressive 146 shops scattered throughout the GCC and raked in AED 1,461 million revenue last year—that’s well over three thousand crore in Indian Rupees, if you’re counting. The deal gives Titan brand access and control not just in the UAE, but also in Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. It’s not every day you see such a sweeping regional play; this is the sort of cross-border expansion many at Arageek have long cheered for, believing it brings a spot of vitality to both buyers and sellers in the MENA market.

There’s another twist to this tale. The contract isn’t your run-of-the-mill, one-and-done affair. While Titan will grab 67% of Damas now, there’s an option—rather clever, I reckon—for Mannai to sell (and for Titan to snap up) the remaining 33% by the end of 2029. It’s a staggered approach, which should help Titan make the transition smooth and less of a headache, especially as Mannai’s regional know-how remains in play for the next four years.

Industry heavyweights have been weighing in too. Titan MD, C K Venkataraman, said the company’s leap from its “diaspora-focused” model is moving to the next level thanks to the Damas buyout, calling Damas a “prestigious brand revered in the GCC for its innovation, quality, and customer experience.” On the flip side, Alekh Grewal, CEO at Mannai, made clear that the proceeds will go to ramping up Mannai’s core businesses and tidying up group debt—always a bit of a faff, but crucial for future stability.

It’s worth noting Titan’s path here. What started as Titan Watches in 1987 switched gears in 1994 with the launch of Tanishq, their flagship jewellery line, and then branched into eyewear. These days, jewellery brings in more than four-fifths of the group’s revenue—₹46,571 crore out of their latest ₹57,339 crore total. If you ask me, that’s not just healthy growth, it’s a sign they know how to play the long game.

From where I sit, watching these industry giants hedge their bets in the region is both exciting and instructive. Synergies are the name of the game—be it in talent, supply chains, or retail networks. And although I’m not a fan of corporate jargon, sometimes “global powerhouse” really is spot on. If Titan pulls this off, they’ll give other local and international brands a real run for their money—something we love to see here at Arageek, where stories of ambition and bold moves always get us chuffed to bits. Well…one thing’s for sure: the race for regional dominance just got a lot more interesting.

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