Mar 15, 2022
Titan Co invests $20 million in lab grown diamonds business Great Heights Inc
Mar 15, 2022
Titan Co has invested $20 million in cash in U.S.-based lab grown diamonds business Great Heights Inc to acquire a 17.5% stake in the business.
As watches and jewellery retailer Titan aims to further tap into the fast growing lab grown diamonds market, the business has chosen a U.S.-based business to make a strategic investment in, the Gem and Jewellery Export Promotion Council announced on its website. Lab grown diamonds are a booming category in the Indian gem and jewellery industry and exports of polished, lab grown synthetic diamonds grew at a rate of 196.99 % year-on-year from the April to November period, 2019 to the April to November period, 2021, according to GJEPC data.
“This is a strategic investment that will provide Titan a ring-side view of the fast-growing lab grown diamond and direct-to-consumer (D2C) sectors,” Titan said in a statement, the GJEPC reported.
Great Heights is based in Delaware in the U.S. and retails lab grown diamonds through its brand, Clean Origin. The business reported a gross revenue total of $25 million in 2021 which is a significant increase from its total of $16 million in 2020 and $11 million in 2019.
Titan is also engaged in advanced talks to buy a majority stake in Indian wearables manufacturer Noise, two anonymous sources told Livemint. The acquisition would enable the business to strengthen its presence in the fast-growing wearables market.
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