Titan Company Limited, part of the Tata Group and parent company of Tanishq, has acquired a 67 percent stake in Damas Jewellery, the century-old Dubai-headquartered luxury jewelry retailer.
Deepening its footprint in the Gulf region, Titan emphasized that this partnership brings together two of the most trusted names in jewellery retail, Tanishq and Damas, under one umbrella, marking a pivotal moment in the company’s international expansion strategy and setting the stage for a redefined jewellery experience in the GCC’s organised retail landscape.
Titan aims to serve the two largest customer groups in the region – Indians (and other South Asians) through Tanishq and the Arabs through Damas. This dual-brand presence is designed to offer customers the best of jewellery designs, a fantastic shopping experience with the trust and assurance of Tata’s Titan.
The acquisition was executed through Titan’s wholly owned subsidiary, Titan Holdings International FZCO, with 146 Damas stores across the UAE, Qatar, Kuwait, Bahrain, and Oman, which firmly positions Titan at the forefront in the GCC jewellery market.
CK Venkataraman MD – Titan Company Limited
“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. This acquisition significantly strengthens Tanishq’s regional footprint and unlocks new potential in one of the world’s fastest-growing jewellery markets. Yet beyond scale, it’s the consumer-facing transformation that makes this move remarkable.”
Mr. Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, stated that, “Damas has always stood for elegance, tradition, and craftsmanship. With Titan’s backing, we gain access to global retail expertise and a future-ready vision. This partnership will allow us to invest further in our people, innovate across our portfolio, and serve our customers with even greater depth and distinction.”
“This acquisition is a bold step in our global growth journey. It enables us to expand Tanishq’s footprint across the Gulf and introduce our expertise in jewellery retail to a broader audience. With Damas, we see a powerful opportunity to serve both the large Indian and South Asian diaspora, as well as the established Arab and global clientele that Damas has long catered to. Together, we aim to set new benchmarks in quality, trust, and customer experience across the region,” Mr. Venkataraman concluded.
This move underscores Tanishq by Titan’s unwavering commitment to the Middle East and its ambition to shape the region’s jewellery narrative with a blend of heritage, innovation, and trust.
