Titan Company has reported a recovery in demand for natural diamond jewellery, alongside greater stability in the relationship between mined and lab-grown diamonds. The Indian jewellery group said demand across diamond categories improved in the first quarter of fiscal 2027, with pricing for both solitaire and smaller diamonds also showing greater stability.
Diamond Demand Improves
Speaking during an earnings call, Titan jewellery CEO Arun Narayan said: “We have seen more stability…in the pricing, both of solitaires as well as small diamonds.”
The company said it first observed a recovery in its diamond jewellery business during the fourth quarter of fiscal 2026, with the trend continuing into the April to June quarter of fiscal 2027.
Titan previously reported diamond and coloured-stone jewellery together under its studded category. Ahead of the first quarter, it changed the classification to exclude coloured stones. As a result, the reported improvement in the category during the quarter was attributed to diamond jewellery.
The change in reporting provides a clearer indication of the company’s diamond jewellery performance at a time when retailers continue to assess demand for natural and lab-grown stones.
Natural and Lab-Grown Demand
Titan managing director Ajoy Chawla said the distinction between natural and lab-grown diamonds had become less prominent in the wider market.
“How is [natural-diamond demand] playing out vis-à-vis the lab-grown diamond, and how is the narrative playing out in the mind of the customer,” Chawla said. “I think at the market level, it has stabilized, and that narrative, which was very prominent towards lab-grown and natural, [is] going on. The narrative seems to have gone down substantially. And I think [demand for] both [exists] in the market.”
The comments indicate that Titan is seeing demand for both categories rather than a clear shift in consumer purchasing towards one or the other. This has implications for retailers managing diamond inventories across different price points, particularly as lab-grown stones continue to offer a lower entry price than natural diamonds.
Focus on Higher-Value Diamond Jewellery
Chawla said improvement had been seen across categories over the preceding four months and expected this to continue. Titan is also looking to increase its range of higher-value diamond-studded jewellery as part of its plans for growth in the jewellery business.
The company operates Tanishq, Mia, Zoya, CaratLane and lab-grown diamond brand beYon. It also recently acquired Middle Eastern jewellery retailer Damas.
Titan’s comments provide an indication of how the company currently views the natural and lab-grown diamond market, with demand being reported for both categories and greater stability in pricing. Its planned focus on higher-value diamond jewellery also suggests that natural diamonds will remain part of its product strategy alongside its lab-grown offering.
