India's diamond market is experiencing a nuanced transformation as lab-grown diamonds establish their presence alongside traditional natural stones, according to Deloitte's latest jewellery industry report "Go for Gold: A Winning Playbook for the Gems and Jewellery Industry." While natural diamonds continue to dominate consumer preference, lab-grown alternatives are carving out specific market segments, particularly in gifting and lifestyle jewellery.

Consumer Preference Data Reveals Market Dynamics

The Deloitte survey presents a clear picture of current consumer sentiment in the Indian diamond market:

This data highlights a crucial distinction: while lab-grown diamonds lag significantly in overall preference, they have achieved parity with natural diamonds in the gifting segment. The 44% preference for lab-grown diamond-studded pieces in gifting surpasses traditional options like gold coins and conventional gold jewellery, driven by factors including affordability, ethical positioning, and design flexibility.

Titan's Strategic Market Entry

Titan Company has entered the lab-grown diamond segment through its newly launched beYon brand, positioning the move as market expansion rather than competition with natural diamonds. In a recent analyst call, the company's management revealed that the lab-grown diamond market represents under 2% of India's overall diamond-studded jewellery segment, emphasizing the nascent nature of this category.

Managing Director Ajay Chowla outlined the company's approach: "It is better to err on the safer side and make it attractive to the customer and bring in more customers and expand than start looking at how do I optimise profitability." This strategy frames lab-grown diamonds as a bridge product, designed to bring aspirational consumers into the diamond category before they potentially upgrade to natural stones.

De Beers Reinforces Natural Diamond Strategy

Contrasting with the lab-grown diamond expansion, De Beers is strengthening its natural diamond presence in India. CEO Al Cook has announced plans for the company's largest global store in Mumbai while expanding the Forevermark footprint across the country. This investment signals confidence in India's appetite for natural diamonds despite growing global visibility of lab-grown alternatives.

De Beers' strategy focuses on evolving purchase patterns, with Cook noting that diamonds are increasingly bought for celebrations beyond traditional weddings. The company has identified Gen Z as the fastest-growing buyer segment, representing a shift in both demographics and purchase occasions.

Market Segmentation and Future Outlook

The Deloitte report's findings suggest that lab-grown diamonds are not replacing the traditional concept of 'forever' associated with natural diamonds, but rather redefining purchase frequency and accessibility. The data indicates distinct market positioning:

Natural Diamonds:

• Maintain dominance in wedding jewellery and heirlooms
• Continue to represent investment-grade assets
• Anchor trust, tradition, and long-term value

Lab-Grown Diamonds:

• Lead in gifting and everyday jewellery segments
• Enable accessible luxury and self-expression
• Support repeat purchases and lifestyle-led consumption

This segmentation allows both categories to coexist, with lab-grown diamonds addressing different consumer needs rather than directly competing with natural stones for the same market share. The current market dynamics suggest that while lab-grown diamonds have established their presence in specific segments, natural diamonds retain their position in high-value, ceremonial, and investment purchases.

Transformers & Rectifiers (India) Limited has announced the resignation of Mr. Mukul Srivastava from his position as Chief Executive Officer (CEO), effective from the close of business hours on January 7, 2026. The resignation was communicated to stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

The company filed the resignation intimation on January 8, 2026, citing personal circumstances as the reason for Mr. Srivastava's departure. The formal communication was addressed to both BSE Limited and National Stock Exchange of India Limited as part of regulatory compliance requirements.

Regulatory Communication

The resignation letter, dated November 18, 2025, was submitted to the Managing Director of Transformers and Rectifiers (India) Limited. In his resignation communication, Mr. Srivastava requested to be relieved of his duties by the end of January 7, 2026, and sought acknowledgment along with a relieving letter from the company.

Company Information

Transformers and Rectifiers (India) Limited operates in the Capital Goods - Electrical Equipment sector and is listed on both BSE (Security Code: 532928) and NSE (Trading Symbol: TARIL). The company's registered office is located at Survey No. 427 P/3-4 and 431 P/1-2, Sarkhej Bavla Highway, Village: Moraiya, Taluka: Sanand, Ahmedabad.

The resignation intimation was signed by Company Secretary Rakesh Kiri and digitally submitted to the stock exchanges as part of the company's disclosure obligations to keep investors informed about key management changes.