India’s largest jewellery retailer, Titan, is set to enter the niche yet fast-growing lab-grown diamond (LGD) jewellery segment, a market currently dominated by venture capital and PE-backed startups such as Limelight Jewelbox, Wondr Diamonds and Fiona Diamonds.
Titan to launch beYon
The company on Friday announced that it will launch a new brand, “beYon – from the House of Titan”, with an exclusive retail store in Mumbai on December 29. The brand will cater to the adornment needs of women in lifestyle categories beyond watches, perfumes, sarees and handbags.
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“beYon will offer a curated range of Lab Grown Diamond (LGD) jewellery making a start in this emerging category with plans to add a couple of more stores in Mumbai and Delhi in the immediate near future,” Titan said in an exchange filing.
The launch of beYon reflects Titan’s strategy to diversify into a fast-growing segment driven by younger consumers—Gen Z and millennials, who are increasingly seeking affordable, ethical and sustainable alternatives for everyday wear.
LGD share set to grow
Lab-grown diamonds represent a smaller portion of India’s ₹53,512 crore diamond market. The market’s value of LGD is estimated to be at about ₹3,452 crore (US$ 400 million) in FY25 and is poised to grow to ₹5,179 crore (US$ 600 million) by FY28, with a CAGR of 14%.
The move also marks a reversal from Titan’s long-standing stance of focusing only on natural diamonds. Titan’s jewellery portfolio includes brands such as Tanishq, Mia, Zoya and CaratLane. While Titan has so far focused exclusively on natural diamonds, Trent, another Tata Group company, launched a lab-grown diamond brand, Pome, last year.
Interestingly, senior executives at Titan group companies have previously expressed scepticism about the LGD segment. Saumen Bhaumik, MD of CaratLane said the brand sees limited value for traditional jewellers in entering the lab-grown diamond space. “Tanishq has not yet got into it (LGD). We certainly will not get into the foreseeable future,” he told FE recently, citing a crash in the price of lab-grown diamonds driven by a supply glut.
India currently produces over 3 million lab-grown diamonds annually, accounting for around 15% of global output, with volumes steadily increasing as infrastructure and consumer interest expand.
“Wholesale prices come down much faster. Retail prices in India are hovering between ₹30,000 to ₹50,000 a carat. About a year ago it was much, much higher, and everyday new players are launching and they are coming in at lower price points as well,” Ajoy Chawla, CEO – Jewellery Division, Titan told analysts while responding to a question on the company’s plans for the LGD segment.
“Entry barriers are rather low. Differentiation is also very limited as we see in the market,” Chawla said at the company’s Q1FY26 earnings call.
According to Chawla, despite the market being crowded with around 50 players, over 100 stores and several online-only brands, the overall size of the segment remains small. “The reality is that the lab grown market estimated by us is less than 2% of the total diamond studded market,” he said.
As a result, the segment risks becoming highly commoditised unless players are able to build strong intellectual property and brand differentiation. “So, there is a very strong chance that unless you come up with a good IP, this could get a very commoditized play, where the price point leads to bigger stones or more stones or more diamonds for less price is where it may head,” Chawla said.
Chawla, however, added that Titan is dismissive of the LGD segment. “We are constantly watching, studying, analysing, and really reading what is going on at the customer and the industry level. We will reserve the right to play the way we want to play when we want to play,” he added.
In the September quarter, Titan’s jewellery business continued to anchor overall performance, with total income (excluding bullion and Digi-Gold) rising 21% year-on-year to ₹14,092 crore. The domestic jewellery business—Tanishq, Mia and Zoya—grew 18% to ₹12,460 crore, while CaratLane posted a strong 32% growth to ₹1,072 crore.
Shares of Titan were up over 1% at ₹3,964 on the NSE.
