Titan Company Limited, through its Dubai-based wholly owned subsidiary Titan Holdings International FZCO, has signed an agreement to acquire a 67 per cent stake in Damas LLC, the holding company for the Damas jewellery business in the Gulf Cooperation Council (GCC) region.

The deal was struck with Damas International Limited, a subsidiary of Qatar-based Mannai Corporation. The value of the transaction has been pegged at around $282 million (AED 1,038 million). The acquisition will be funded through a mix of internal accruals, existing cash balances, and debt, the company said.

This move aims to expand Titan’s footprint in the Middle East, joining a league of other homegrown gold and diamond retailers with a presence in the Gulf.

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Damas Jewellery, founded in 1907, has a network of 146 stores across the six GCC countries—the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas houses a curated portfolio of in-house collections alongside high-end international jewellery labels.

Damas reported a consolidated turnover of $394.47 million in FY24, according to regulatory filings made by Titan Co.

Typically, Indian jewellery brands have expanded in these markets, drawn by demand from the Indian diaspora that continue to value jewellery purchases. Titan will, however, use the acquisition to focus on other nationalities and ethnicities.

Titan Holdings will hold 67% of the equity share capital and voting rights in Damas and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions. The current Graff Monobrand franchise business of Damas will be discontinued before completion of the transaction, per a filing with the exchanges.

Titan Co. already operates its Tanishq jewellery brand in the Miidle East, with stores in Dubai and Abu Dhabi.

Last fiscal, both Tanishq and Zoya expanded their global presence, opening stores in North America and GCC region primarily catering to the Indian diaspora.  Its diamond brand Caratlane also opened its first international store in New Jersey, USA in FY25.