Dubai's jewelry company Damas set to be acquired by Titan in major investment deal
In a significant development for the Indian jewellery industry, Titan Company, a leading Indian jewellery firm, has announced its acquisition of a 67% stake in Dubai-based luxury jeweller Damas. The deal, valued at an enterprise value of 1.04 billion dirham ($283.2 million), is set to be completed by January 31, 2026.
This strategic move aligns Titan with a prominent Middle Eastern retail jewellery group, providing enhanced market access and brand presence in the Gulf region. The acquisition marks a milestone in Titan's international expansion, following its entry into the UAE through Tanishq jewellery stores in October 2020.
The Middle Eastern jewellery market, particularly in countries like Saudi Arabia and the UAE, is currently experiencing significant growth. The Saudi jewellery market alone is projected to nearly double from USD 4.56 billion in 2024 to USD 8.34 billion by 2030. This expansion is driven by a young, style-conscious population and increasing demand for premium, design-led jewellery, including diamond-studded and coloured gemstone pieces.
India, a global hub for jewellery manufacturing and exports, stands to benefit from this market growth. With annual exports of over USD 32 billion worth of gems and jewellery, initiatives like SAJEX 2025, launched with government backing, aim to deepen India's jewellery exports and partnerships in the Gulf. This long-term strategic focus on Middle Eastern markets indicates a promising future for Indian jewellery brands.
While overall Indian jewellery exports have faced some headwinds recently, including a 14.25% year-over-year decline in June 2025, exports of gold jewellery have actually grown by 5.75%. This growth is supported by steady demand from the Middle East, among other key markets, suggesting that Indian brands like Titan continue to have a growing foothold in premium jewellery segments in the region.
Other Indian jewellers, such as Kalyan Jewellers, Joy Allukkas, and Malabar Gold & Diamonds, also have a presence in the Middle East, catering to the region's large Indian diaspora. The acquisition of Damas further strengthens Titan's position in the region, providing access to 146 stores across the six Gulf Cooperation Council (GCC) countries - the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
Standard Chartered served as Titan's advisor for the deal with Damas, which was previously owned by Qatar's Mannai Corporation and Egyptian investment bank EFG Hermes. The announcement was made in an exchange filing on Monday, marking a new chapter in Titan's international journey.
With this strategic move, Titan is poised to capitalize on the rapidly expanding Middle Eastern market, leveraging strong manufacturing capabilities, strategic local alliances, and rising regional demand for contemporary and luxury jewellery. This enhances India's competitive presence alongside established local and international players in the Gulf.
- With the acquisition of Damas, Titan Company, a leading Indian jewellery firm, is set to expand its business presence in the finance-rich Gulf region, aligning itself with prominent players in the Middle Eastern retail jewellery industry.
- The expanding Middle Eastern jewellery market, particularly in countries like Saudi Arabia and the UAE, presents significant opportunities for Indian jewellery brands like Titan, as the industry is projected to nearly double in value over the next decade, driven by the growing demand for premium design-led jewellery.
