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Tanishq and De Beers Partner to Expand India’s Natural Diamond Market September 04, 2024 (0 comments)
Mumbai, India--De Beers Group and Tanishq, a major jewelry retailer in India, have partnered to promote natural diamonds in the Indian market.
[Image via De Beers Group]
According to a news release. by De Beers Group, the collaboration aims to enhance consumer awareness and confidence in natural diamonds, targeting India's growing demand, which accounts for 11% of global natural diamond jewelry sales.
India recently surpassed China as the second-largest market for natural diamonds. To drive demand, the partnership will combine Tanishq's market expertise with De Beers' knowledge of the diamond industry.
Efforts will include consumer outreach, training Tanishq's retail staff, and marketing campaigns to educate buyers on the value and authenticity of natural diamonds.
Sandrine Conseiller, CEO of De Beers Brands, noted the historical connection between India, diamonds, and its growth potential.
"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," Conseiller stated in the release.
"Like De Beers, Tanishq recognizes 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," Conseiller added.
Ajoy Chawla, CEO of the Jewellery Division at Titan Company Limited, highlighted the low penetration of diamond-studded jewelry in India and Tanishq's focus on quality and responsible sourcing.
"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," Chawla stated.
"Tanishq has been a pioneer in democratizing diamond jewelry in the market for three decades and has always targeted the modern progressive woman," Chawla added. "Tanishq Diamonds adhere to the strictest standards of quality and are responsibly sourced from leading suppliers, with supply certified by the Kimberley Process Certification Scheme (KPCS) and in adherence with the Tanishq Suppliers Engagement Protocol (TSEP).
The partnership builds on existing ties. Tanishq already uses De Beers' verification technology to verify product authenticity. Plans include exploring diamond traceability and enhancing supply chain integrity.
Learn more in this news release by De Beers Group.