Titan Company explores acquiring a stake in Damas Jewellery

Tata Group’s jewellery and timepiece business Titan Company is reportedly in discussions with Mannai Corp to acquire a notable stake in UAE based retail business Damas Jewellery.

“Mannai Corp has been looking to sell Damas for the past two years,” an anonymous source close to the development told ET Bureau. “Earlier, discussions with two leading jewellers from South India did not materialise. Talks with Tanishq began a year ago, and the two parties are now negotiating Damas’ valuation.”

Damas Jewellery’s valuation is estimated at approximately Rs 4,500 crore, the Economic Times reported. However, Titan Company’s first round of talks with the business several years ago fizzled out due to a failure to reach a consensus on Damas’ valuation. 

By acquiring a stake in Damas Jewellery, Titan Company would deepen its connection to the West Asian jewellery market as it continues to look towards global expansion. Damas Jewellery was acquired by a consortium of businesses helmed by Mannai Corp in 2012 and is now its wholly owned subsidiary. 

Damas Jewellery specialises in gold, diamond, gemstone, and pearl designs and its brand history dates back to 1907, according to its website. Headquartered in Dubai, the business retails from its direct to customer e-commerce store and boutiques in locations including Doha, Lusail, Al Rayyan, and Al Khor, according to its website’s store finder tool.