India’s famous jewelery company Tanishq has now become a dominated partner of Dubai’s luxury brand Damas. In the coming 5 years, 75 new shops are going to open in GCC (Gulf countries). This detail will provide 675 new jobs. Currently Titan has more than 100 Damas and 15 Tanishq shops in GCC.
Titan Managing Director C.K. Venkataraman said that he would focus on 40 to 50 new Damas shops, especially in Saudi Arabia, where the shops are less. There is also a plan to increase the number of Tanishq from 15 to 40. Till now the focus was on the UAE, but will now open stores in countries like Kuwait, Bahrain, Qatar and Saudi.
Only Saudi citizens can work in retail jobs in Saudi, so Titan will get help with the local information of Damas there. Venkataraman said that the Saudi market is very exciting. Jeddah has more Arab customers, while cities like Damam have more Indian customers, so both brands can do well there.
The announcement was Titan’s first press conference in the UAE, which he made after taking a 67% stake in the Damas brand. The deal was of 1 billion Dirham and will be completed by 31 January 2026. Titan will also have the option to buy a 33% stake remaining after 2029.
Damas currently have more than 1000 employees, while Tanishq works on a franchise model. If 25 new Tanishq stores open up and 15 people work in each one, then 375 new jobs will be made. At the same time, 50 Damas Store, if 5-6 people work in each one, then 300 more jobs will be made, thus there is a possibility of a total of 675 new jobs.
Venkataraman said that the employees of Damas will not be trimmed, because it is not a deal in a crisis, but a plan to increase business. Damas will continue with its brand name. CEO Alek Grewal of Mannai Corporation said that this partnership with Titan will give us a chance to bring global experience, better customer service and innovation.
