Titan to Acquire 67% in Damas Jewellery; Expands into GCC Market

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Titan to Acquire 67% in Damas Jewellery; Expands into GCC Market

NOOR MOHMMED

21/Jul/2025

Titan’s subsidiary to acquire 67% stake in Damas Jewellery for AED 1,038 million.
Deal includes option to acquire remaining 33% stake post December 2029.
Marks Titan’s strategic expansion across all 6 GCC countries.

Titan Company Limited, a Tata Group enterprise, announced a major international expansion move by acquiring 67% equity in Damas Jewellery – a premier jewellery retailer in the Middle East – through its wholly owned subsidiary, Titan Holdings International FZCO. The deal marks a significant leap in Titan's global jewellery play beyond the Indian diaspora.

As per the Definitive Agreement signed with Mannai Corporation QPSC (Qatar), the current owner of Damas LLC, the acquisition is valued at an enterprise value of AED 1,038 million, with closing expected by January 31, 2026, subject to regulatory and anti-trust approvals. The transaction will be funded through a mix of internal accruals, cash balances, and debt.

Post-acquisition, Titan Holdings will own 67% of Signature Jewellery Holding Ltd (UAE) — the new holding company for the Damas business. The remaining 33% stake will be optionally acquirable after December 31, 2029, under agreed terms.

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Titan to Acquire 67% in Damas Jewellery; Expands into GCC Market

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