India’s Titan to acquire control of Dubai’s Damas for $283 million

Dubai-based jeweler Damas, which operates almost 150 stores across the Gulf, is being acquired by Titan, an Indian maker of fashion accessories.

Under terms of the $283 million deal announced in Mumbai, Damas will sell a 67% stake in the company to Titan, which is a unit of Indian conglomerate Tata.

Titan said it will make the acquisition through Signature Jewellery Holding, which is registered in the Dubai International Financial Centre.

Meanwhile, the Financial Times reports on how China has become dominant in the market for lab-grown diamonds, using established trading hubs such as Dubai and Antwerp as intermediaries to retail stores.