Titan forays into lab-grown diamond jewellery market with beYon brand

Titan will launch beYon, its lab-grown diamond jewellery brand, later this month, even as its flagship brand Tanishq continues to promote natural diamonds with De Beers

Titan Company, the fashion and accessories brand from the Tatas, on Friday announced its foray into lab-grown diamonds with new brand ‘beYon’, which is slated to launch towards month-end.

 

Set to open in Mumbai on December 29, the company plans to scale this exclusive format of stores in Mumbai and Delhi in the immediate near future, it said in an exchange filing on Friday morning.

 

“beYon will offer a curated range of lab-grown diamond jewellery making a start in this emerging category,” the statement read. It added that the brand will cater to the adornment needs of women in lifestyle categories beyond watches, perfumes, sarees and handbags.

 

“This move reflects Titan’s strategy to diversify its product offerings and tap into the growing interest in sustainable and lab-grown luxury jewellery in India,” a source in the know said. 

 

According to Redseer Strategy Consultants, the Indian lab-grown diamond jewellery market is still small, estimated at $300-350 million as of 2024. But it may see a compound annual growth rate (CAGR) of 15 per cent over the next decade.

 

“As the market evolves, large-scale retailers and luxury houses are actively shaping the trajectory of lab-grown diamonds as they drive sales volumes and act as an affordable entry point for consumers,” it had said in a note earlier this year.

 

Meanwhile, Titan’s flagship brand Tanishq announced a strategic partnership with De Beers Group in 2024, to promote the sale and consumption of natural diamonds.

 

Earlier this year, the brand launched three new diamond expertise centres to provide buyers clarity and transparency, while ensuring value to the customer by a technology-backed evaluation system. 

 

“There is a lot of confusion created by the emergence of lab-grown diamonds, and we can expect the prices of lab-grown diamonds to keep coming down as the technology to create them evolves. More customers now ask if we're selling natural or lab grown diamonds, and it is this confusion we want to remove,” Ajoy Chawla, chief executive officer (CEO), jewellery division at Titan Company, had told Business Standard. 

 

This is not the Tata Group’s first brush with lab-grown diamonds.

 

Last year, its retail arm Trent, extended its presence in the lifestyle accessories category available at Westside with the launch of lab-grown diamond jewellery line POME.

 

“The same is also a pilot, consistent with our articulated strategy for Westside,” the company had stated at that time.

 

According to a report by Deloitte, released earlier this year, lab-grown diamonds are gaining popularity among consumers, offering a more affordable alternative than natural diamonds.

 

They are also addressing environmental and ethical concerns associated with traditional mining of diamonds.