As India becomes the world’s second largest market for natural diamond jewellery, industry leaders De Beers and Tanishq unite to connect even more people to its enduring value
FinTech BizNews Service
Mumbai, August 29, 2024: De Beers Group, the world’s leading diamond company, and Tanishq, India's largest jewellery retail brand from the Tata group, today announced a long-term strategic collaboration to connect more Indian consumers with the rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market.
With a vibrant economy, a growing middle class and discerning consumers who seek jewellery with enduring value, demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11 per cent of global demand. This has seen India replace China as the second largest market in the world for natural diamond jewellery. 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.
To help unlock the growth opportunity, Tanishq and De Beers have agreed to come together on a long-term collaboration to enhance consumer education, interest and confidence, and to promote natural diamonds across India. Through this collaboration, the two parties will capitalise on Tanishq’s deep understanding of the Indian market built up over three decades, combined with De Beers’ expertise in the diamond category, to deepen consumer desire for and confidence in natural diamonds, underscoring their inherent value, rarity and timelessness.
The collaboration will focus on building extensive consumer outreach, deepening capabilities of Tanishq’s retail staff to communicate about natural diamonds, educating consumers about authenticity, and shaping customer experiences as they explore their desire for natural diamonds and studded jewellery. This will also be supported by a compelling 360-degree marketing campaign to build awareness and target expanding the customer base in the country, including first time buyers.
The new collaboration builds on the existing relationship between Tanishq and De Beers, with Tanishq already using De Beers’ proprietary diamond verification technology to support the assurance of the authenticity of its products. The two parties 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.
Sandrine Conseiller, CEO of De Beers Brands, said: “India’s love affair with diamonds has flourished over thousands of years, and we are thrilled to partner with Tanishq to unlock the full potential of this vibrant market. 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 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. 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).
“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. In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands, real experiences and value natural, wholesome products. All Tanishq Diamonds are natural, rare and valuable and have attracted our customers with innovative designs. The collaboration with De Beers will unlock new opportunity for both Tanishq and the diamond sector, celebrating the eternal beauty of these miracles of nature.”
