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India’s Titan Invests $20M in Lab-Grown Jeweler
Mar 23, 2022 6:17 AM
By Rapaport News
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RAPAPORT... Titan Company has shelled out $20 million to invest in e-commerce lab-grown diamond business Clean Origin, its first foray into the synthetics sector.
The move is “a strategic investment that will provide Titan a ringside view of the fast-growing lab-grown diamond (LGD) and direct-to-consumer (D2C) sectors,” the Indian company, which owns the Tanishq brand, said in a recent statement.
In exchange, Titan will take a 13.09% stake in Great Heights, Clean Origin’s parent company. In 2021, Clean Origin saw revenue of $25 million, an increase from the $16 million it reported the year before, according to Titan’s records. Titan jewelry division CEO Ajoy Chawla will join Great Heights’ board of directors.
Clean Origin will use the money for a variety of things, including scaling its operations, strengthening its supply chain, and building a balance sheet to “further dominate the lab-grown diamond engagement-ring industry,” it noted Tuesday.
“Titan brings more than simply cash to fuel our growth, but deep expertise in the international manufacturing, control and logistics of bespoke diamond jewelry across a global platform,” said Alexander Weindling, cofounder and CEO of Clean Origin and Great Heights.
The investment comes on the heels of Titan’s announcement last month that it intends to enter the US market in a major 20-store expansion over the next three years, followed by moves into Canada, Australia, England and the Gulf.
Image: A woman wearing Clean Origin lab-grown diamond jewelry. (Clean Origin)
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Tags:
Ajoy Chawla, Alexander Weindling, Clean Origin, Great Heights, India, lab-grown diamond, Rapaport News, Tanishq, Titan, Titan Company
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