Falling prices are making lab-grown diamonds more accessible—and giving Titan Co. Ltd a harder problem to solve: how to build a brand around stones whose prices may keep declining.
India’s largest jewellery retailer entered the category about 10 months ago with beYon, its lab-grown diamond jewellery brand. It is experimenting with coloured stones, unconventional cuts and settings, and jewellery in silver, vermeil and gold to give consumers reasons to buy beyond affordability.
“We don’t want it to be a cheaper alternative. The moment you say it’s a cheaper alternative, it loses its value,” Shyamala Ramanan, business head of Mia and beYon at Titan, told Mint in an interview.
Titan also wants to expand the diamond-jewellery market rather than compete only for existing customers. Ajoy Chawla, then head of Titan’s jewellery division, described the opportunity as one to “expand the pie” in a January call with analysts, rather than focus solely on profitability.
A crowded field
Lab-grown diamond prices have plunged as advances in production technology and expanding manufacturing capacity, particularly in India and China, have increased supply. Wholesale prices fell 97% from 2018 levels by the second quarter of 2026, including a 13% year-on-year decline during the quarter, according to the Edahn Golan Lab-Grown Diamond Price Index, which tracks loose stones across specified size, colour and clarity grades.
India’s lab-grown diamond jewellery retail market was valued at about ₹29.5 billion in fiscal 2025 and is projected to reach ₹63 billion by fiscal 2030, according to Technopak, a Gurgaon-based management consulting firm. The growth opportunity has attracted startups and established jewellery companies.
Limelight Lab Grown Diamonds raised ₹275 crore in July to expand its manufacturing and retail network. Bengaluru-based Aukera raised $15 million (about ₹129 crore), in equity funding in June 2025, followed by ₹90 crore in debt in July 2026 to fund retail expansion and product development. Goldiam International raised ₹202 crore through a qualified institutional placement in August 2025 to accelerate the rollout of Origem, its lab-grown diamond jewellery brand.
Titan studied consumer preferences and tested products and policies before launching beYon. At the January launch, Chawla acknowledged the challenge of finding a distinct position. “How will we create differentiation? What will be our IP and therefore what should be our consumer value proposition if we were to play in this?” he had then said.
Ramanan said early responses point to three customer groups: first-time buyers testing everyday diamond wear; existing lab-grown diamond consumers seeking larger stones or unconventional designs; and buyers interested in coloured stones, including pink and blue diamonds.
These preferences are shaping beYon’s experiments with sizes, cuts and settings, as Titan tests designs for consumers with varying levels of familiarity with lab-grown stones.
The assortment also spans gold in different purities, with silver accounting for a smaller share. Vermeil, or gold-plated silver, is another option being considered to balance design and accessibility.
BeYon lists silver jewellery at ₹2,499-11,999 and lab-grown diamond rings at ₹33,833-1,23,000. On Tanishq’s website, gold earrings are priced at ₹9,670-90,447, while natural-diamond jewellery starts at ₹24,745. Prices vary by design and specifications.
Testing the proposition
Titan is also differentiating beYon from Mia, Ramanan’s other brand, which sells natural-diamond jewellery for everyday wear. BeYon is positioned around lab-grown stones, fashion and experimentation, with the aim of attracting consumers who might not otherwise buy diamond jewellery. Whether they eventually move to Mia or other Titan brands remains unclear.
“These are all very small numbers at the moment,” Ramanan said, referring to the early customer response. BeYon had around 12 stores as of October, five of its six most recent openings having taken place over the past year. Ramanan did not disclose sales or average transaction value, saying customer numbers remained small as Titan tests which products and consumer segments can sustain demand.
Resale value is another point of distinction. BeYon does not promise that its stones will retain value and does not allow exchanges on lab-grown diamonds, though gold exchanges follow the applicable policy.
Competitors offer alternatives: Limelight provides lifetime exchange at 100% of the original selling price, while Aukera bases exchange and buyback values on prevailing diamond and metal prices. Origem offers lifetime exchange at 110% of prevailing lab-grown diamond value and 100% of gold value on eligible in-store purchases.
For now, Titan is expanding cautiously across cities including Mumbai, Delhi and Bengaluru, using its early stores to test demand before a wider rollout.
The beYon push comes as Titan continues to expand its wider retail business. Its consumer businesses grew 25% year-on-year in the second quarter of fiscal year 2027 (Q2FY27), led by 21% growth in jewellery, 30% in watches and 28% in EyeCare, according to its 6 October business update. Titan added 78 net stores, taking its retail network to 3,758 as of September. The company is yet to announce its Q2 financial results.