Titan Company Ltd., the Tata Group’s flagship consumer business, is in advanced negotiations to acquire a 72% stake in Damas International, one of the Gulf region’s leading jewelry retailers, in a deal valued at approximately ₹2,500 crore (about $300 million), according to people familiar with the matter.

The proposed acquisition would see Titan, best known for its Tanishq and CaratLane jewelry brands, expand its international footprint significantly. Damas International, currently wholly owned by Dubai-based Mannai Corporation, operates a network of 251 stores across the Gulf Cooperation Council (GCC) region, offering both in-house jewelry collections and a range of international luxury brands such as Graff, Fope, Roberto Coin, and Mikimoto.

If completed, the acquisition would mark one of Titan’s largest overseas investments and further cement the Tata Group’s ambitions in the global luxury and lifestyle sector. The deal is also expected to trigger a restructuring of Damas’s operations, with deliberations underway on whether to rebrand stores as “Damas by Titan”.

The remaining 28% stake in Damas will continue to be held by Mannai Corp, the people said. Both companies have reached a preliminary agreement, and Titan has begun due diligence on Damas’s operations and financials. The transaction is expected to close in the second quarter of fiscal year 2026, subject to regulatory approvals and final negotiations.

According to sources, the final price was settled after Damas initially sought ₹3,000 crore for the majority stake. The deal structure is expected to mirror Titan’s earlier acquisition of CaratLane, where it initially acquired a majority stake before taking full ownership in subsequent years.

Damas International’s extensive retail presence and established brand in the GCC are seen as a strategic fit for Titan, which has been actively expanding its Tanishq brand in the Gulf, including a flagship boutique opened in Dubai Gold Souk in December 2024. Titan’s jewelry portfolio also includes Zoya and Mia by Tanishq, alongside its flagship Tanishq and CaratLane brands.

The GCC jewelry market was valued at $14.1 billion in 2024 and is projected to surpass $24 billion by 2033, according to industry estimates, making the region an attractive growth market for Indian jewelry majors.