Titan Co picks up stake in America’s lab-grown diamond brand

NEW DELHI: Titan Co. Ltd has picked up a 17.5% stake in Stamford, Connecticut-based lab-grown diamond maker Great Heights Inc. for an estimated $20 million through its subsidiary TCL North America Inc., the company said on Friday. The strategic investment will provide Titan a ring-side view of the fast-growing lab-grown diamond and direct-to-consumer sectors, it added.

“Great Heights is primarily engaged in retailing of lab-grown diamond jewellery via its brand Clean Origin. Set up in January 2019, it has more than doubled its revenues from $11 million in 2019 to $25 million in the year 2021. “TCL North America Inc., a wholly-owned subsidiary of the company has today signed a stock purchase agreement with Great Heights Inc., USA for subscription of shares with voting preferred stock in the capital stock of Great Heights, which would result in TCLNA holding up to 17.5% voting rights in Great Heights,” Titan said in a stock exchange filing. The deal is expected to close by 15 March.

Mint had earlier reported that India is set to become a hub for the production and processing of lab-grown diamonds accounting for 10% of the worldwide diamond market by 2030.

Courtesy: Live Mint