Titan Co is in advanced talks to pick up a 72% stake in Damas International, a prominent Gulf jewellery retailer, for an estimated Rs 2,500 crore, said people with knowledge of the matter. The Tata group company has commenced due diligence, they said. The remaining 28% will continue to be held by Mannai Corp, which owns Damas International.
The price was arrived at after Damas is said to have sought Rs 3,000 crore from Titan.
Both parties have reached a preliminary agreement, and the deal is likely to be finalised in the second quarter of FY26, said the people cited above.
ET was first to report on February 18 that Titan had begun discussions with Damas.
“Titan will emulate the CaratLane model for Damas, where it had initially picked up a 62% stake in 2016 and then completely acquired it subsequently,” said one of the persons cited.
Titan and Damas didn’t comment.
Damas International, a wholly owned subsidiary of Dubai-based Mannai Corp, is a well-known jewellery retailer in the Gulf Cooperation Council (GCC) region. A network of 251 stores offers an attractive combination of Damas inhouse collections of jewellery along with a wide range of international brands, including Graff, Fope, Roberto Coin, Marco Bicego, Mikimoto, Forevermark, Magerit, Parmigiani, Perrelet, Louis Moinet and Ernest Borel.
Apart from jewellery, the $6.7-billion Titan has a diverse portfolio spanning wearables, fragrances, fashion accessories and Indian apparel. Titan’s jewellery brands include its flagship brand Tanishq, along with Zoya, CaratLane and Mia by Tanishq. “Titan has initiated auditing the books of Damas International,” said one of the persons cited. “It is also working on how the company will be restructured and whether the stores will be named Damas by Titan.”
Tanishq has a significant presence in the Gulf too, with 13 stores — 10 in the UAE, two in Qatar and one in Oman. In December 2024, it opened a flagship boutique in Dubai Gold Souk.
In 2024, the GCC jewellery market was valued at $14.1 billion and is projected to cross $24 billion by 2033 at a CAGR of 5.7%, industry executives estimated.
