Titan Company, the jewellery and watch arm of the Tata Group, is reportedly in talks with Qatar-based Mannai Corporation to acquire a substantial stake in Damas Jewellery, a leading Middle Eastern retailer. Damas Jewellery is estimated at around ₹4,500 crore ($518 million).

Titan has been aggressively expanding its presence in the Middle East, recently launching new Tanishq and Titan Eye+ outlets in Dubai during the October-December quarter. The company already operates stores in key markets such as Doha, Sharjah, and Abu Dhabi, primarily catering to the Indian diaspora.

According to Titan’s latest financial report, its flagship jewellery brand, Tanishq, has expanded its global footprint to 16 stores, including locations in Singapore and Chicago.

This is not Titan’s first association with Damas. In 2014, the two companies signed an agreement to retail Tanishq jewellery through Damas stores across the Gulf region. Meanwhile, Mannai Corp, which acquired Damas in 2012, has been exploring potential investors for the jewellery retailer over the past two years.

Damas Jewellery operates a vast network of 251 stores and houses prestigious brands such as Graff, Fope, Roberto Coin, Marco Bicego, Mikimoto, Forevermark, Magerit, Parmigiani, Perrelet, Louis Moinet, and Ernest Borel.