Titan Company Ltd., a part of the Tata Group, has signed a definitive agreement through its wholly owned subsidiary Titan Holdings International FZCO to acquire a 67% stake in Damas LLC, the UAE-based holding company for the iconic Damas Jewellery brand. The stake is being acquired from Qatar’s Mannai Corporation for an enterprise value of AED 1,038 million (~US$ 282 million).

The acquisition marks a significant strategic move for Titan, strengthening its footprint across the six Gulf Cooperation Council (GCC) countries — UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Upon completion, Titan Holdings will hold a controlling interest in Damas, with an option to acquire the remaining 33% stake from Mannai after 31 December 2029, subject to agreed conditions.

The transaction is contingent on customary closing conditions, anti-trust and regulatory approvals, and is expected to be financed through a mix of debt, internal accruals, and cash reserves. As part of the transaction, the Graff monobrand franchise business under Damas LLC will be discontinued before the deal closes.

Founded in 1907 and headquartered in Dubai, Damas Jewellery is widely regarded as the Middle East’s leading jewellery retailer. With a legacy spanning over a century, Damas operates 146 stores across the GCC and offers a well-curated mix of in-house collections and international brands. The company is known for blending regional cultural motifs — such as Arabic calligraphy and architecture — with modern design sensibilities, catering to both local and expatriate customers seeking authenticity and craftsmanship.

Commenting on the acquisition, C.K. Venkataraman, Managing Director of Titan, said: “After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience. The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers throuoh iconic, consumer-focused businesses. The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain. We are happy to welcome Damas into the Titan family. We look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey together with Mannai Corporation.”

Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said: “Mannai Corporation is a Public Listed Company headquartered in Qatar, our activities are mainly focused in the Business to Business segment based on trade and IT services. Damas , headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region. So, we are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design and dedicated customer service , and we are confident that the combination of Damas powered by Titan will drive Damas in the next chapter of its growth trajectory in the GCC. Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt.”