November 2024 | 543 words | 2-minute read
Recently, India replaced China as the second largest consumer of natural diamonds in the world, accounting for 11% of the global demand.
The surge in diamond consumption in the country can be attributed to the growing economy, an aspirational middle class and an increasing number of discerning customers who seek quality. However, despite burgeoning demand, diamond acquisition rates in India remain well below those in mature markets like the USA — the number one consumer of natural diamonds in the world — providing a significant opportunity to catalyse further growth for natural diamond jewellery in India.
With this in mind, Tanishq announced a long-term collaboration with the world’s leading diamond company, De Beers Group, in August this year. The partnership is committed to connecting more Indian consumers with the enduring value of natural diamonds, thus unlocking the opportunity in the Indian market.
At an event organised to make the announcement, 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.”
Sandrine Conseiller, CEO, De Beers Brands, said, “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…we will work together to create something special to connect more Indian consumers to these natural treasures and their enduring value.”
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 enhance consumer education and interest and deepen confidence in natural diamonds. The two brands 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.
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,” said Mr Chawla. “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.”
