Titan Company looks to lead the lab-grown diamond space with beYon

Titan plans to take a leadership position in lab-grown diamonds with BeYon, betting on aggressive pricing and a full-fledged retail and e-commerce play

Titan Company, which recently announced its foray into the fast-expanding lab-grown diamond (LGD) space with beYon, aims to achieve the pole position with the new brand.

 

“In beYon, we are also playing to win… take pole position. And initially we might understand better how the assumptions on the unit economics, and all the assumptions on the top line et cetera are playing out over the next maybe five to ten stores,” Titan Managing Director (MD) Ajoy Chawla told analysts during an investor call on Wednesday.

 

While the stores will come up in the next few months, the company will not restrict itself to just the top metros and will go beyond “once we have understood how it works”, Chawla added.

 

According to the company’s estimates, the LGD market makes up not more than 2-4 per cent of the entire diamond-studded jewellery market.

 

“But it has the opportunity to grow. How big will it be? We will not know right now. It's very early stage and we know that we can do this even while evolving and continuing to invest strongly in our existing precious diamond brand space, which is Tanishq, Mia, CaratLane, and Zoya,” Chawla further said.

 

Titan’s Jewellery Division Head Arun Narayan pointed out that the company has crafted beYon to drive adoption of diamonds in India.

 

“Our first learning really has been that India is an ‘and’ market where both could coexist,” he told investors, referring to the co-existence of natural and lab grown diamonds.