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South Africa's Sanlam to become co-promotor at Shriram AMC with 23% stake
South African asset management giant Sanlam has entered India's mutual fund (MF) market with a strategic investment in Shriram Asset Management Company Limited (Shriram AMC). The move cements Sanlam's long-standing partnership with the Shriram Group and deepens its presence in India's fast-growing asset management sector.
As part of the deal, Sanlam Emerging Markets (Mauritius) Limited (SEMM) acquired a 23 per cent direct stake in Shriram AMC through a preferential allotment of 38.89 lakh equity shares, infusing ₹105 crore in growth capital. This has increased the total promoter shareholding in Shriram AMC from 62.55 per cent to 71.17 per cent. The partnership extends a two-decade relationship between the Shriram Group and Sanlam, which has already seen collaboration in financing, life insurance, and general insurance.
Sanlam joins Shriram AMC's Board as co-promoter
Shriram AMC's Board will be reconstituted to include Sanlam's representatives, reflecting the shift in co-promoter status alongside existing promoter Shriram Credit Company Limited.
'This partnership is more than capital—it's a strong endorsement of our quantamental approach that fuses data science with fundamental insights,' said Kartik Jain, Managing Director and CEO of Shriram AMC. He added that Sanlam's expertise will help strengthen Shriram AMC's investment processes and broaden its product suite.
India a strategic growth market: Sanlam
Sanlam, which manages assets worth $80 billion, sees India as a 'strategic growth market', according to Carl Roothman, CEO of Sanlam Investments. 'Our partnership with Shriram AMC reflects our commitment to co-creating investment excellence, particularly in emerging markets,' Roothman said.
The partnership aims to develop innovative investment solutions catering to customers across income segments in India's evolving mutual fund landscape.
Building on existing momentum
The fresh investment builds on momentum from 2022, when Mission1 Investments LLC acquired a 23 per cent stake in Shriram AMC. Mission1's Managing Partner and CIO, Gaurav Patankar, welcomed Sanlam's entry as a co-promoter. 'To have two promoters with depth, expertise and pedigree that have a long history of working together can only mean strong long-term value creation for shareholders,' he said.
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That's not to say natural diamonds don't have their place. They still hold emotional value for many, particularly when heritage or tradition is part of the story. But the idea that women are uniformly returning to natural diamonds for milestone moments doesn't hold up to market reality." The Effect Of Circling Back To Natural Diamonds In The Face Of Easy On The Pocket Lab grown Ones? The move to and fro between natural diamonds and lab grown ones has polarised the industry. According to Ankur Daga, "Honestly, I don't think there is a pendulum swinging back. That narrative keeps coming up, but if you look at the numbers, they tell a very different story." Richa Singh is of the opinion, "The love for natural diamonds stems from something deeper, the emotional and intrinsic value they uniquely hold. Formed over millions of years, they are rare, real, and carry a lasting significance that simply cannot be replicated." Market Trends And Future Outlook. Are Customers Moving Towards Buying Lab Grown Diamonds Or The Natural Ones? Ankur Daga clearly mentions their customer's preference towards lab grown diamonds, "Our customers are clearly moving toward lab-grown diamonds. If you fast-forward five to 10 years, I believe we'll see lab-grown account for 80 percent of centre stones in engagement rings, up from just 2% in 2018 and 55% today. That number will plateau eventually, simply because it's already a majority, but the direction is very clear." Richa Singh gives NDTV a contrasting view. "Natural diamonds and lab-grown diamonds are fundamentally different. One is a billion-year-old legacy, shaped by the earth and time. The other is a mass produced, created in a matter of weeks. While they may appear visually similar, the differences in origin, rarity, and intrinsic value set them apart." She further added, "No two pieces are alike, similar to fingerprints making each one as unique and one-of-a-kind just like yours." Industry Experts Take On Luxury Diamonds Market Trends Frankly, different sections of the diamonds industry have different opinions on this matter. Ankur Daga told NDTV, "We're seeing a major shift in how luxury in jewellery is expressed. Thanks to lab-grown, larger diamonds have become much more accessible, and that's giving people the freedom to explore bolder styles. You'll start to see more people wearing two-, three, even four-carat diamonds, not because they've suddenly changed their taste, but because it's now within reach." Richa Singh said on the question the market trends (rephrase this), "India has always been the soul of the diamond world, from being the first home of diamonds to leading the global cutting and polishing trade. Today, it continues to shape the future of fine jewellery." She further added, "The future of luxury lies at the intersection of tradition and individuality and that's where natural diamonds shine." Industry Insider's Take On If 'Diamonds Are Forever'? Ankur Daga who helms Angara is of the opinion, "Yes. Diamonds are forever, but not just natural ones. Lab-grown diamonds are chemically and visually identical, and increasingly, they carry the same emotional significance. And I'd say coloured gemstones are equally forever. They're becoming modern heirlooms; deeply personal, versatile, and in many cases, appreciating in value." Richa Singh agrees that diamonds are certainly forever and are a symbol of love and bonds that make their heirloom worthy, "Natural diamonds carry a history that spans billions of years. Even the youngest among them predates the dinosaurs by over 40 million years. Formed deep within the Earth, each diamond is entirely unique, like a fingerprint of nature. That individuality mirrors every relationship we cherish. Their journey to the surface is one of strength and resilience, making them powerful symbols of enduring love and connection." She further added, "They're not just timeless, they're deeply personal, memory carriers that evolve with us and endure beyond us." Conclusive Take: Is The Era Of Lab Grown Diamonds Over? Just like the rest, the industry opinion is divided on this pivotal question too. But Ankur Daga kept his take short and sweet, "Far from it. It's only just beginning." Richa Singh, on the contrary, said, "For those of us who are passionate advocates of natural diamonds, this moment is not about competing origins but about deeper meaning. Consumers today are choosing fewer, better things; pieces that carry emotional weight, generational value, and a story worth telling." So, who is to say whether the era of lab grown diamonds is over or not? Opinions remain divided and only time will tell.
