Dubai : In a landmark move set to transform the jewellery retail landscape in the Gulf, Titan Company Limited—part of the Tata Group and parent company of Tanishq—has acquired a 67% stake in Dubai-based Damas Jewellery, one of the region’s oldest and most respected luxury jewellers.The strategic alliance brings together two iconic names in the jewellery sector: India’s Tanishq and the century-old Damas. With this acquisition, Titan is poised to accelerate its international expansion and become a dominant force in the fast-growing GCC jewellery market.“This is more than just a transaction; it’s the coming together of two iconic names built on trust, design, and a deep understanding of what jewellery means to people,” said Mr. C.K. Venkataraman, Managing Director of Titan Company Limited. “This partnership strengthens our regional presence and represents a bold step in reshaping the consumer experience in the organised retail space across the Gulf.”Titan, through its wholly owned subsidiary Titan Holdings International FZCO, now gains control of 146 Damas stores across the UAE, Qatar, Kuwait, Bahrain, and Oman. The move enables Titan to cater to the two largest customer bases in the region—Indians and other South Asians through Tanishq, and Arabs through Damas—under a dual-brand strategy designed to deliver exceptional design, quality, and service.Mr. Alekh Grewal, Group CEO of Mannai Corporation, which previously held a significant stake in Damas, said: “Damas has always stood for elegance, tradition, and craftsmanship. With Titan’s global retail expertise, we are ready to invest in innovation, elevate our customer offerings, and grow stronger than ever.”
While Damas will retain its unique brand identity, the collaboration is expected to drive enhanced product collections, operational efficiencies, and a seamless retail experience for customers.“This acquisition is a bold step in our global growth journey,” added Mr. Venkataraman. “Together, we aim to set new benchmarks in quality, trust, and customer experience across the region.”The alliance underscores Titan’s unwavering commitment to the Middle East, combining heritage, innovation, and the trusted Tata legacy to shape the region’s evolving jewellery narrative.
