Trent to Senco Gold: Lab-grown diamond stocks to watch as Titan enters the segment

Titan Company, which is known for jewellery brands like Tanishq, CaratLane has recently ventured into the lab-grown diamond segment with the launch of its new brand beYon. The Tata group company will open its first exclusive beYon retail store in Mumbai on December 29, marking its entry into the fast-emerging category of affordable and ethically-sourced diamonds.

The lab-grown diamond market in India is picking up pace because of the increasing demand for cost-effective, environment-friendly, and sustainable alternatives in the country’s jewellery market. Titan Company's entry into the market will be a huge turning point as it will be the first large-scale entry into the lab-grown diamond market.

How is a lab-grown diamond made?

There are two methods for producing lab-grown diamonds. The first method is high-pressure, high-temperature (HPHT). This process uses high-pressure presses in a factory to mimic the geological conditions needed for natural diamonds to form deep within the Earth. It is the most common approach in countries such as the US, China, and Singapore. The second technique is CVD (chemical vapour deposition), which involves creating crystals using chemical gases like methane.

Unlike natural diamonds, which take 1-3 billion years to form deep in Earth's mantle, lab-grown ones are ready in days to months with zero mining hassle. While both are chemically identical, pure carbon, and have the same fire, hardness, and brilliance, lab-created diamonds are 30-50% less expensive and more ecologically friendly.

The global market is valued at around $15 billion, and India is expected to see a 15-20% increase in consumption year-on-year, coming second only to the US Market. According to the IBEF.org report, the Indian lab-grown diamond market is valued at around ₹3,452 crore (around $400 million) in FY25 and projected to grow to ₹5,179 crore ($600 million) by FY28 at a CAGR of about 14%. Once a niche category, lab-grown diamonds are increasingly being accepted by younger, urban consumers due to their significantly lower price points compared to natural diamonds and their ethical, environmentally conscious appeal.

*YTD return as of December 26 closing

Titan Company, with a market cap of about ₹3.5 lakh crore, has increased by 22.9% YTD and has a 3-year return of around 53%. Trent and Goldiam International have also provided strong long-term returns, with 3-year absolute returns of about 219% and 144%. However, they have faced recent corrections this year amid profit booking.

Mid-sized companies like Senco Gold, which is down 43% YTD, and Sky Gold & Diamonds, down 16.1% YTD. Meanwhile, ecosystem players like International Gemmological Institute and SME manufacturer Dev Labtech Venture highlight the broader value chain exposure, with Dev Labtech posting a modest 5.1% YTD gain. Overall, the long-term returns remain positive for most of the stocks operating within the sector.

Titan Company

Titan Company Limited, part of the Tata Group, leads India's organised jewellery market with brands like Tanishq and Zoya. The company operates over 3,000 stores across the country. Recently, Titan entered the lab-grown diamond market with its 'beYon' brand. The first exclusive store is set to open in Mumbai, providing certified sustainable jewellery such as rings, earrings, and pendants at relatively lower prices.

This positioning makes beYon a fashion-oriented line, separate from its premium natural diamond offerings. Titan plans to expand the store quickly, using its retail network to meet the growing demand for lab-grown diamonds in India. The company’s management described the lab-grown diamond segment as an emerging and steadily growing category. Many companies are expanding despite challenges with unit economics. Management also noted that supply is shifting to India due to slower demand in the US and weak conditions in China.

International Gemmological Institute (IGI)

International Gemmological Institute (IGI), which is an independent diamond certification services provider, saw 27% growth in LGD certification volumes over the past year. Lab-grown diamond (LGD) certification contributes nearly 60% to the company’s business, while the management expects a CAGR rise of 15 to 20% in LGD certification over the next five years amid wider consumer acceptance.

According to IGI management, the global certification market, currently valued at $600 million, is projected to reach $1.1 to $1.2 billion over the next five years. Much of this growth will be driven by lab-grown diamonds, with India playing a crucial role in this expansion.

Trent Ltd

Trent Limited, part of the Tata Group, runs a diversified retail portfolio that includes Westside (apparel and accessories), Zudio (value fashion), Star Bazaar (hypermarkets), and emerging brands. It has 261 Westside stores and 806 Zudio stores as of Q2FY26.

In 2024, Trent entered the lab-grown diamond (LGD) market with the 'Pome' brand. This brand debuted in a few Westside stores in Gurgaon, Hyderabad, Bengaluru, and Mumbai. Compared to natural diamonds, Pome offers eco-friendly jewellery, including bracelets, rings, necklaces, and earrings. Before Diwali, Westside launched products online and opened 20 dedicated lab-grown diamond stores within its network in Q2FY26. By marketing Pome as a fashion accessory rather than fine jewellery, the company’s focus is to attract younger consumers.

Senco Gold

Senco Gold Limited operates as a leading organised jewellery retailer in India. It specialises in gold, diamond, platinum, and silver jewellery. Senco Gold Limited has recently forayed into Lab-Grown Diamonds under its Luxury Brand-Sennes. As of Q2FY26, the company has eight exclusive brand outlets under this subsidiary. The company’s phase 2 expansion plans aim for a nationwide presence starting in October 2025.

Dev Labtech Venture

Dev Labtech Venture Limited is engaged in the manufacturing, wholesaling, and trading of polished natural and lab-created diamonds, utilising microwave plasma chemical vapour deposition (MPCVD) technology for jewellery and other industrial segments such as cutting materials for diamonds, thermal conductors, and semiconductors. They announced an investment of ₹102 crore at the Vivekanand University of Sciences and Engineering at the Vibrant Gujarat Summit in January 2024 to enhance their production of eco-friendly lab-created diamonds.

Overall, Indian lab-grown diamond segment is moving from niche to mainstream, supported by growing demand and consumer acceptance. A significant change in the industry is indicated by the arrival of major and reliable players like Titan, as well as earlier ventures by Trent and Senco Gold & Diamonds. Listed stocks from the segment are likely to benefit from scale, branding and distribution, emerging as crucial differentiators.