Titan Company has signed an agreement to purchase 67% of Dubai-headquartered Damas Jewellery.
The acquisition, valued at AED 1.04 billion ($282.6 million), is scheduled to complete before January 31, 2026, Titan said Monday. Damas owner Mannai Corporation will have the right to sell the remaining 33% of the company to Titan after December 31, 2029, the Indian jeweler stated.
Damas has 146 stores across the six Gulf Cooperation Council (GCC) countries: the United Arab Emirates (UAE), Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The region’s heritage inspires its designs.
By acquiring Damas, Titan is branching out “from its diaspora focus into other nationalities and ethnicities,” said managing director C.K. Venkataraman. “[Damas]’s rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses.”
Calling Damas “a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience,” he added that the move “not only creates a significant new global opportunity for Titan” but also “enhances Titan’s overall position in the jewelry market in the GCC countries.”