Tanishq & De Beers Partner for Indian Diamond Market

New Delhi, Aug 28 (PTI) Jewellery retail brand Tanishq and the world's leading diamond company De Beers Group have entered into a "long-term strategic collaboration" to tap the fast-growing Indian market.

The collaboration aims to capitalise on Tanishq's understanding of the Indian market, built over three decades, combined with De Beers' expertise in the diamond category, according to a joint statement by the two companies on Wednesday.

Demand for natural diamond jewellery from Indian consumers has surged recently, accounting for 11 per cent of global demand helped by a vibrant economy, a growing middle class and discerning consumers seeking jewellery with enduring value.

India has already replaced China as the second largest market in the world for natural diamond jewellery, it added.

"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," it said.

The collaboration will focus on building consumer outreach, deepening the capabilities of Tata group-owned 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, it said.

"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," it said.

The two parties are also in talks to collaborate on traceability, diamond supply chain integrity, it added.

De Beers Brands CEO Sandrine Conseiller said, "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 Ltd, 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."

Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. It is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia, and South Africa.

Tanishq, a jewellery brand from Tanishq, under the house of Titan Company Ltd, a JV between Tata and the Tamil Nadu government.