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.
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. The month closed at US$4,982/oz and scored 12 all-time highs. But it was not without drama with large intraday swings on the last two days of the month.
Our Gold Return Attribution Model (GRAM) showed an unusually large contribution from implied volatility (c.50% of January’s return), reflecting substantial option market activity. This variable currently sits in risk & uncertainty, although is likely more reflective here of momentum.
Global gold ETF flows provided plenty of support adding 120t in January to take holdings to a new record, valued at US$669bn. The flows were dominated by Asia (62t) and North America (43t) while Europe saw more modest inflows
Key Price Figures (January 2026)
The month was characterized by relentless momentum, scoring 12 all-time highs before ending with significant intraday volatility.
| Metric | Value (USD) | Peak Date |
| January Closing Price | US$4,982/oz | Jan 30, 2026 |
| All-Time Record High | US$5,307/oz | Jan 28, 2026 |
| Monthly Return | +14.1% | — |
Performance in Other Major Currencies (Jan Return):
- INR: +23.9% (Record high: ₹176,306/10g)
- RMB: +19.2% (Record high: ¥1,248/g)
- EUR: +13.0% (Record high: €4,444/oz)
Major Market Drivers
- Momentum & Options (GRAM Model): Approximately 50% of January’s return was attributed to implied volatility and massive options market activity rather than pure macro fundamentals.
- ETF Inflows: Global gold ETFs added 120 tonnes (valued at US$669bn), the strongest month on record.
- Asia: 62t (led by China)
- North America: 43t
- Europe: 13t
- The “Warsh Effect”: Late-month drama was fueled by the nomination of Kevin Warsh as the next Fed Chair. Markets perceive him as a “hawk” favoring a smaller Fed balance sheet, which triggered a sharp intraday correction from the $5,300 peaks.
Macro Outlook: The Inflation Resurgence
While geopolitics dominated January, the narrative is shifting toward resurgent US inflation risks for the remainder of 2026. Key triggers include:
- Tariff Pass-through: Lagged effects of trade policies hitting consumers.
- Fiscal Stimulus: Prospective $2,000 “tariff dividend” checks and ACA subsidies ahead of the US mid-term elections.
- Tight Labor: A falling breakeven employment rate and rising household inflation expectations.
Investment Implications
- Stock-Bond Correlation: Inflationary shocks are making stocks and bonds move in the same direction, reducing the efficacy of traditional 60/40 portfolios.
- Gold’s Role: Gold is increasingly viewed as a left-tail hedge and a “hard money” alternative as sovereign debt levels (reaching 30% of the $340T global sector debt) raise debasement fears.
The gold market is likely to “pause” after the January surge, but the combination of fiscal expansion and Fed leadership uncertainty suggests investment demand will remain a structural feature of 2026.
source :WGC
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