International News
Titan in Talks to Buy Stake in Damas Jewellery for Rs 4,500 Cr
The acquisition could boost Titan’s presence in the GCC’s luxury jewellery market.
Titan Co., the Tata Group’s watch and jewellery arm, is in discussions with Qatar-based Mannai Corp to acquire a significant stake in Damas Jewellery, a leading retailer in South Asia, for Rs 4,500 crore, according to The Economic Times. While talks are ongoing, no agreement has been finalized.
This marks Titan’s second attempt to strike a deal with Damas after previous negotiations stalled over valuation concerns. The renewed discussions highlight Titan’s strategy to expand in the Gulf Cooperation Council (GCC) region, a key market for its international growth.
Valuation is contingent on Damas’ business structure and bullion stock, with a higher stock potentially increasing the valuation, according to an industry analyst.
Mannai Corp, which fully acquired Damas in April 2012, owns the company. Headquartered in Dubai, Damas is a prominent jewellery retailer in the GCC.
Titan’s jewellery brand Tanishq has been expanding its footprint in the GCC, opening a flagship store in Dubai’s Gold Souk in January and introducing Arabic-inspired collections in stores across the UAE and Qatar.
Titan’s jewellery division, which includes Tanishq, Zoya, CaratLane, and Mia by Tanishq, reported a 20% growth in income for FY24, reaching Rs 38,353 crore. Titan, valued at Rs 58,447 crore, operates across multiple sectors, including wearables, fragrances, fashion accessories, and Indian apparel.
Founded in 1907, Damas operates 300 stores across the GCC and employs over 2,000 people. The company carries luxury brands such as Graff, Djula, Roberto Coin, and Mikimoto alongside its own collections.
Acquiring Damas would strengthen Tanishq’s presence in the GCC market, aligning with Titan’s international expansion goals and providing access to established luxury markets. The UAE, where Damas is based, ranks as the world’s fifth-largest gold jewellery market and has the second-highest per capita gold jewellery consumption globally, after Hong Kong.
DiamondBuzz
De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India
De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.



The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.

Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.
We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance) to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”

Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.
By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”
The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:
- Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
- Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
- Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
- Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.


As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.
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