Editor’s Note
Titan, part of the Tata Group, is entering the lab-grown diamond market with its new brand ‘beYon’. The first store opens in Mumbai on December 29, with expansion to Delhi planned.
Tata Group’s fashion and accessories company, Titan, announced its entry into the lab-grown diamond market on Friday with the launch of a new brand named ‘beYon’. The brand will be launched by the end of this month. The company informed the stock exchanges on Friday morning that the first store will open in Mumbai on December 29, and the company plans to open more stores in Mumbai and Delhi in the near future.
According to the company’s statement, ‘beYon will mark a new beginning in this emerging market by introducing a special collection of lab-grown diamond jewelry.’ The brand aims to cater to women’s jewelry needs across lifestyle categories, including watches, perfumes, sarees, and handbags. The company also stated, ‘This move reflects Titan’s strategy to diversify its product portfolio and capitalize on the growing interest in sustainable and lab-grown luxury jewelry in India.’
According to Redseer Strategy Consultants, the market for lab-grown diamond jewelry in India is still small and is estimated to have been worth $30-35 million by 2024. However, it has the potential to grow at a compound annual growth rate (CAGR) of 15% over the next decade.
said Ajay Chawla, CEO of Titan’s Jewelry Division, in a statement to Business Standard earlier.
Interestingly, this is not the Tata Group’s first association with lab-grown diamonds. Last year, its retail unit, Trent, marked its presence by launching the ‘Pom’ series of lab-grown diamond jewelry in the lifestyle accessories category available at Westside. The company had stated at the time, ‘This is also an experimental trial in line with our clear strategy for Westside.’
According to a report released by Deloitte earlier this year, lab-grown diamonds are gaining popularity among consumers, offering a more affordable alternative while addressing the environmental and ethical concerns associated with traditional mining for natural diamonds.