Diamond firm De Beers Group and India's largest jewellery retail brand Tanishq on August 28 signed a long-term strategic partnership to tap the growing market of ‘natural’ diamonds in India, the latter said in a regulatory filing.
With a growing economy and a rising middle class segment, demand for ‘natural’ or mined diamond jewellery from Indian consumers has surged in recent times to 11 percent of global demand, Tata group firm said in the filing.
Ajoy Chawla, CEO, Jewellery Division, Titan Company, 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.”
India has now replaced China as the second largest market globally for ‘natural’ diamond jewellery as acquisition rates in the country are well below those in mature markets such as the US, providing a significant opportunity to both the firms to catalyse further growth.
Under the deal, the two firms will seek to enhance consumer education, interest and confidence, and to promote natural diamonds across India, according to the filing. The tie-up will focus on building extensive consumer outreach, deepening capabilities of Tanishq’s retail staff and shaping customer experiences, the company statement said.
Sandrine Conseiller, CEO of 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 unlock the full potential of this vibrant market.”
The stock of Titan Company was trading 0.25 percent lower at Rs 3,542.35 on NSE at 14:10 pm.
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