TANISHQ AND DE BEERS FORGE STRATEGIC COLLABORATION TO BOOST INDIA’S NATURAL DIAMOND JEWELLERY MARKET

28th August 2024

Introduction

With a vibrant economy, a growing middle class and discerning consumers who seek jewellery with enduring value, demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11 per cent of global demand. This has seen India replace China as the second-largest market in the world for natural diamond jewellery. 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.

Collaboration Details

To help unlock the growth opportunity, Tanishq and De Beers have agreed to come together on a long-term collaboration to enhance consumer education, interest and confidence, and to promote natural diamonds across India. 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 deepen consumer desire for and confidence in natural diamonds, underscoring their inherent value, rarity and timelessness.

Focus Areas

The collaboration will focus on building extensive consumer outreach, deepening the 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.

Existing Relationship

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.

Statements from Executives

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. Like De Beers, Tanishq recognises 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.”

Ajoy Chawla, CEO of the 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. Tanishq Diamonds adheres to the 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. In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands and real experiences and value natural, wholesome products. All Tanishq Diamonds are natural, rare and valuable and have attracted our customers with innovative designs. The collaboration with De Beers will unlock new opportunities for both Tanishq and the diamond sector, celebrating the eternal beauty of these miracles of nature.”

About De Beers Group:

Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via the De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount, where communities thrive and the environment is protected, and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.

About Tanishq:

Tanishq, India’s most-loved jewellery brand from the TATA Group, has been synonymous with superior craftsmanship, exclusive designs and guaranteed product quality for over two decades. It has built for itself the enviable reputation of being the only jewellery brand in the country that strives to understand the Indian woman and provide her with gold & diamond jewellery that meets her traditional and contemporary aspirations and desires. The Tanishq retail chain currently spreads across 475+ exclusive boutiques in more than 270 cities. For more information, visit www.Tanishq.co.in.