I

Leading diamond company De Beers Group and jewellery retail brand Tanishq, on Wednesday announced a long-term collaboration to promote the sale and consumption of natural diamonds and grow the Indian market for the precious stone.   The demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11% of global demand. This has seen India replace China as the second largest market in the world for natural diamond jewellery, the entities said.  With diamond acquisition rates in India well below those in mature markets such as the US, this provides a significant opportunity to catalyse further growth for natural diamond jewellery in India, they added.  Tanishq which retails jewellery to about 3.5 million customers a year expects its consumer base for natural diamond studded jewellery to easily double from the current 1 million in the coming years.     The partners said they would focus to enhance consumer education, interest and confidence, and to promote natural diamonds across India. The collaboration will focus on building extensive consumer outreach, deepening capabilities of Tanishq’s retail staff to communicate about natural diamonds.   Sandrine Conseiller, CEO, De Beers Brands, said “Like De Beers, Tanishq recognises the power, preciousness and prestige of natural diamonds and combining our expertise with their deep understanding of the Indian market, we will work together to create something special to connect more Indian consumers to these natural treasures and their enduring value.”

Ajoy Chawla, CEO, Jewellery Division, Titan Company Ltd, said, “The opportunity in India for diamonds is massive, given the very low penetration of studded jewellery and the rising per capita incomes in the world’s most populous country.” 

L to R: Ajoy Chawla, CEO, Jewellery Division, Titan Company Limited and Sandrine Conseiller, CEO of De Beers Brands, at the press conference, to announce Tanishq and De Beers forging strategic collaboration to boost India’s natural diamond jewellery market. Special arrangement. | Photo Credit: Special Arrangement

“Tanishq has been a pioneer in democratising diamond jewellery in the market for three decades and has always targeted the modern progressive woman. Tanishq Diamonds adhere to strictest standards, with all diamonds responsibly sourced in compliance with the Kimberley Process Certification Scheme (KPCS) and the Tanishq Suppliers Engagement Protocol (TSEP),” he said.

“We offer our own certificate of Tanishq Diamond guarantee and have the most transparent buyback policy in India, enabling trust and peace of mind for our customers,” he added.