New Delhi: Tanishq, a jewellery retailer from the Tata group, has partnered with global diamond company De Beers Group to promote and expand the natural diamond market in India, it said in a media release on Wednesday.
This collaboration seeks to connect more Indian consumers with the rarity and preciousness of natural diamonds, leveraging a growing economy and a discerning middle class. With India’s surge in demand leading it to represent 11 per cent of global demand for natural diamond jewellery, India has now become the second largest market for such jewellery, surpassing China.
The partnership aims to capitalise on the lower diamond acquisition rates in India compared to more mature markets like the US, presenting a significant growth opportunity.
Sandrine Conseiller, CEO of De Beers Brands, stated, “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 of the Jewellery Division at Titan Company Limited, 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. Tanishq has been a pioneer in democratising diamond jewellery in the market for three decades and has always targeted the modern progressive woman.
As per the release, the two companies are also in talks regarding opportunities to collaborate on traceability, how Tanishq’s diamond supply needs can best be met and further opportunities to use De Beers’ proprietary technologies to support pipeline integrity.
