Titan's Initiative: CEO Narayan says, "We don't ask to believe, but we prove it"

Due to the high cost of gold, customers are preferring light and stylish jewelry instead of heavy. Sensing this trend, Titan, the country's largest jewellery retailer, has increased its focus on diamond jewellery. Diamonds account for 12% of jewellery sales, indicating great growth potential. Trust and the right price have been a major concern of customers in the purchase of diamonds. The company is launching a 'Diamond Expertise Centre' (DXC) to scientifically check the purity of diamonds in all stores. In an exclusive conversation with N Raghuraman, Arun Narayan, CEO of Titan Company, Jewellery Division, said that this will strengthen customer confidence. Highlights of the conversation... Question: The certificate system for diamonds already exists. Then why the need for DXC? Answer: Certificate is one thing and getting tested scientifically in front of your eyes is a different experience. We had a customer in Patna who wanted to sell old diamond jewellery because she thought they were fake. When they got our lab tested, it turned out that all their diamonds were real. They left the showroom satisfied. Indirectly we also got a satisfied customer. Question: The share of diamonds in jewellery is 12%. How to increase it? Answer- Soulmate couple rings have been introduced. Billions of years old diamonds are cut into two pieces to form a pair of rings. The large diamond one shines on the bride's finger, while a small part of the same diamond sparkles on the groom's finger. It is expected to be popular among the younger generation, who want to make new beginnings memorable. Q: Why doesn't your brand show up in Tier 2, 3 cities where banks have opened their branches to attract farm income? A: Can you give me an example? Take a city like Harda in MP. What are the branches of the co-operative banks of the South? A: I agree with you. There are many cities in India where banks have made inroads. We are relatively new, yet have included these cities in the plan. We will be making our presence felt there soon. Question: Where do lab-grown diamonds (LGD) stand as products? Indian consumers see LGD as an additional alternative to natural diamonds. The situation is different in the US. That's why we're bringing DXC everywhere, so that customers pay the right price for diamonds. Q: Why is it that you suddenly bet so big on diamonds and launch 'DXC' in all showrooms? A: Simply put, we are meeting the market demand. Just like we established the Gold Caratmeter after Covid. When people buy diamond necklaces, they also want peace of mind that the store certifies the quality of the diamonds. There are many stones in a necklace and not all are necessarily of the same standard. To help customers, we have started making these machines ourselves. This facility is currently available in 50 stores, soon 200 and by the end of this year, this facility will be available in all stores.