India’s Titan, facing U.S. tariffs, mulls making jewelry in Gulf

India’s biggest jeweler and watchmaker Titan is looking into manufacturing some of its products in the Gulf amid trade tensions with the Trump administration.

The possible shift by Titan, part of India’s giant Tata Group, would follow the company’s recent announcement that it plans a $283 million acquisition of Dubai-based luxury retailer Damas, which operates 146 stores across the Gulf, Reuters reports.

Titan Managing Director C.K. Venkataraman told the news agency that the move could help the company maintain low-tariff access to U.S. markets even as President Donald Trump ordered a 25% levy last month on imports from India.

Imports from the UAE, by contrast, face a 10% tariff under Trump’s plan.

“If the tariffs remain like what they are currently threatened to be, then any arbitrage on a tariff … would be meaningful for us to consider,” Venkataraman said.

Titan’s Tanishq brand has several U.S. stores and is planning a major expansion, while its diamond-focused label CaratLane launched in the U.S. in October.

Manufacturing in the U.S. is a less feasible option for Titan due to cost and skills constraints, especially for artisan-made jewelery, Venkataraman said.

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.