Mumbai. 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 to the rarity and preciousness of natural diamonds and expand the growing opportunities. With a vibrant economy, a growing middle class and discerning consumers looking for jewellery of lasting value, the demand for natural diamond jewellery among Indian consumers has increased recently and now accounts for 11 per cent of global demand.
This has led to India replacing China as the world’s second largest market for natural diamond jewellery. With diamond acquisition rates in India significantly lower than mature markets such as the US, this presents a significant opportunity to drive further growth for natural diamond jewellery in India.
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 assurance of authenticity of its products. The two parties are also in discussions about opportunities to collaborate on traceability, how Tanishq’s diamond supply needs can be best met and opportunities to use De Beers’ proprietary technologies to support pipeline integrity.
Sandrine Conseiller, CEO, 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 unleash the full potential of this vibrant market. Like De Beers, Tanishq recognises the power, preciousness and prestige of natural diamonds and by 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, “Given the very low penetration of studded jewellery in the world’s most populous country and the rising per capita income, the opportunity in India for diamonds is massive. Tanishq has been a pioneer in democratising diamond jewellery in the market for over three decades and has always targeted the modern progressive woman. Tanishq Diamonds adheres to strict standards, all diamonds are responsibly sourced in compliance with the Kimberley Process Certification Scheme (KPCS) and Tanishq Suppliers Engagement Protocol (TSEP).
(Anil Bedaag)
