The move comes on the heels of Titan’s announcement to acquire a majority stake in Dubai-based luxury retailer Damas for $283 million. Speaking to Reuters, Managing Director C.K. Venkataraman said the Gulf region is under consideration “as a manufacturing base to export to the U.S.” due to its comparatively favourable tariff environment.

The strategic shift underscores how Indian companies are reassessing global supply chains as the U.S. ramps up trade pressure. In July, the U.S. imposed a surprise 25% tariff on Indian imports and warned of further hikes, citing concerns over India’s oil trade with Russia. In contrast, goods exported from the UAE—home to Damas—currently face a 10% tariff under U.S. trade policies.

Titan’s key jewellery brands Tanishq and CaratLane have been expanding their presence in the American market. While Tanishq already operates multiple stores in the U.S., CaratLane entered the market in October 2024. Relocating manufacturing to a Gulf Cooperation Council (GCC) nation could help Titan protect margins and remain competitive, particularly for artisan-crafted jewellery, Venkataraman noted.

Citing higher production costs and skill limitations in the U.S., Venkataraman added, “If the tariffs remain as currently threatened, any significant arbitrage would be meaningful for us to consider.”

Titan initiated talks with Damas in 2024, before the recent trade policy escalation. However, the acquisition now gains fresh relevance, offering Titan both market access and a potential production base within the Gulf region.