INDRA To Leverage AI; GJEPC-De Beers Forge Strategic Collaboration To Promote Natural Diamonds; INDRA - Indian Natural Diamond Retailer Alliance, will create customized retailer campaigns
FinTech BizNews Service
Mumbai, January 7, 2025: De Beers Group, the world’s leading diamond company, and the Gem & Jewellery Export Promotion Council (GJEPC), India's apex jewelry trade body, today announced the commencement of a strategic collaboration to strengthen the natural diamond narrative within the Indian gem and jewelry trade.
The collaboration titled, INDRA - Indian Natural Diamond Retailer Alliance, will focus on supporting independent retailers in India with tools that go beyond the conventional. For example, leveraging Artificial Intelligence to create customized retailer campaigns. From multi-lingual marketing assets to immersive storytelling and superior customer experiences, as well as in-depth natural diamond jewellery training in local languages, it will support India’s jewelry retailers with the tools they need to make sure that natural diamonds resonate deeply with every consumer who walks through their doors. Interactive roadshows regarding the collaboration will commence in January 2025, at which GJEPC members will be able to enrol in the programme.
Vipul Shah, Chairman, GJEPC, said, "The Indian gem and jewellery market, currently valued at USD 85 billion, is poised for rapid growth, projected to reach USD 130 billion by 2030. Indra is designed to harness this momentum by tapping into India's dynamic young population, the rise of organised players, and increasing demand across bridal, everyday wear, fashion, and entry-level jewelry. This initiative reflects a shared vision to educate stakeholders, empower retailers, and boost consumer demand, all while highlighting the timeless value of natural diamonds."
Sandrine Conseiller, CEO of De Beers Brands, said: “India's diamond growth story is quite remarkable, and it has now become the second largest market in the world for retail sales of diamond jewelry. However, with its vibrant economy, growing young population and large number of leading diamond businesses, India still holds a wealth of untapped potential. Presently in the Indian jewellery retail sector, the penetration of natural diamonds stands at only around 10% which is well below the rate seen in mature jewellery markets such as the US.
Through this new collaboration with the GJEPC we will help unlock this growing opportunity for increased consumer demand for all types of natural diamond jewelry, including bridal, everyday wear and entry level pieces.”
Retailers will be able to register for the programme on www.INDRAonline.in and will benefit from multi-lingual staff training modules focused on generic natural diamond product knowledge as well as access to a market intelligence portal. The programme will also provide customisable marketing assets and content for retailers to promote natural diamonds at a store level as they seek to enhance their returns and expand their customer base.
With 10,500+ members, GJEPC is the apex body driving India's gem and jewellery sector. Through its three large scale IIJS Shows, as well as multiple roadshows and direct outreach activities, GJEPC has the potential to reach a broad range of the businesses comprising the Indian gem and jewelry industry. Through this collaboration, the two partners will capitalise on GJEPC’s deep understanding of the Indian market built up over five decades, combined with De Beers Group’s expertise in the diamond category.
The new collaboration follows the GJEPC’s adoption of the updated definition, nomenclature and guidelines for diamonds specified by the Federal Trade Commission (FTC) of the United States (US). The FTC’s updated guidelines provide distinct terminology standards, supporting clarity and transparency both for industry stakeholders and consumers.
