Titan Creates Subsidiary for New UAE Jewelry Acquisition

Titan Company has set up a subsidiary in the United Arab Emirates (UAE) as a means of operating its latest jewelry acquisition, Damas.

Signature Jewellery will serve as the holding company for Damas’s entire jewelry business in Gulf Cooperation Council (GCC) countries, the Indian jeweler said Tuesday. In July, Titan — which also owns jewelry brands Tanishq, Mia and CaratLane — agreed to acquire 67% of Damas, with plans to transfer the remaining 33% after December 31, 2029.

Under the terms of the deal, Titan has bought all one million ordinary shares of $1 each, representing Signature Jewellery’s entire issued capital. The company was incorporated in the Dubai International Financial Center (DIFC), specifically to house Damas’s jewelry business operations.

Titan expects the transfer of the 67% stake to be complete on or before January 31, 2026.

Damas, founded in 1907 in the Middle East, currently operates approximately 150 stores in the UAE, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.

Image: A Damas store in Dubai. (Damas)