India’s biggest jeweller and watchmaker Titan is exploring shifting some manufacturing to the Middle East Gulf to maintain low-tariff access to U.S. markets amid trade tensions between Washington and New Delhi, Managing Director C.K. Venkataraman said on Tuesday.
Titan, part of the Tata Group conglomerate, announced this month plans to acquire a majority stake in Dubai-based luxury retailer Damas, which operates 146 stores across the Gulf. In light of the deal, valued at $283 million, Venkataraman told Reuters the region is being considered “as a manufacturing base to export to the U.S.”
His comments reflect how global companies may seek new routes to navigate trade barriers, as the U.S. levies or threatens tariffs on international trade partners.
Last month, U.S. President Donald Trump slapped a surprise 25% tariff on imports from India and threatened further hikes this week over India’s purchases of Russian oil.
In contrast, the United Arab Emirates faces a 10% tariff under Trump’s baseline rate.
Titan’s Tanishq brand has several U.S. stores and is planning a major expansion, while its diamond-focused label CaratLane launched in the U.S. in October, the company said.
Titan began talks to buy Damas in 2024, before U.S. trade policy shifts came into focus. Shifting some manufacturing to a Gulf Cooperation Council country would be a way to mitigate recent rises in U.S. tariffs, Venkataraman said in a video call with Reuters.
The U.S. is a less feasible manufacturing base due to cost and skills constraints, especially for artisan-made jewellery, he said.
“If the tariffs remain like what they are currently threatened to be, then any arbitrage on a tariff … any significant arbitrage would be meaningful for us to consider,” Venkataraman said.
