India’s booming retail diamond market is on the cusp of exponential growth, according to leading industry experts. De Beers, the renowned diamond brand, and Tanishq, India’s largest jewellery retailer, have announced a long-term collaboration aimed at boosting consumer engagement and expanding the diamond market in India. The partnership was revealed during a special event in Surat on December 21, 2024, where Amit Pratihari, Managing Director of De Beers India, highlighted the country’s growing influence in the global diamond market.
India’s gem and jewellery sector is witnessing an unprecedented rise, with the country now accounting for 11% of global demand for natural diamonds. This milestone has solidified India’s position as the second-largest market for diamonds, surpassing China. Despite this impressive achievement, the demand for diamonds in India still lags behind that of more established markets, presenting immense opportunities for growth in the coming years.
The diamond industry in India has become a beacon of growth, with consumer interest rising steadily. Amit Pratihari of De Beers pointed out that “India’s domestic consumption of gems and jewellery is valued at $85 billion today and is projected to soar to $120 billion by 2030.” This anticipated growth is driven by India’s rapidly expanding economy, which is set to more than double, growing from $3.5 trillion to $7.9 trillion over the next decade.
The strategic collaboration between De Beers and Tanishq is designed to further develop the diamond market in India by enhancing consumer education, building trust, and increasing interest in natural diamond jewellery. The partnership seeks to tap into the cultural and historical significance of diamonds in Indian society while addressing the evolving tastes of today’s consumers.
Sandrine Conseiller, CEO of De Beers Brands, expressed her excitement about the partnership, stating, “India’s enduring love affair with diamonds, spanning thousands of years, makes it a truly special market. We are delighted to partner with Tanishq to unlock the full potential of this vibrant and promising market.”
De Beers sees India’s underpenetrated diamond market as a prime opportunity for growth. The partnership with Tanishq aligns with the shifting preferences of consumers in India, who are increasingly seeking premium, ethically sourced jewellery that resonates with their evolving lifestyle choices. Both brands are committed to making natural diamonds more accessible and desirable to Indian consumers, many of whom are already deeply connected to the gemstone’s rich cultural legacy.
The collaboration is poised to strengthen the diamond market by addressing key consumer needs such as transparency, trust, and education. As India continues to experience rapid economic growth and a shift toward more sophisticated consumer behavior, the long-term potential of this partnership is clear.
With India’s booming middle class and increasing interest in luxury goods, the retail diamond sector is expected to see a surge in demand in the years ahead. The De Beers-Tanishq partnership is positioned to play a pivotal role in this growth, introducing new generations of Indian consumers to the timeless beauty and allure of natural diamonds.
About De Beers
De Beers is a world leader in diamond exploration, mining, and marketing. With a legacy that spans over a century, De Beers is renowned for its commitment to providing ethically sourced diamonds of the highest quality. Through innovation and a deep understanding of consumer desires, De Beers continues to shape the future of the diamond industry.
About Tanishq
Tanishq, a part of the Tata Group, is India’s largest and most trusted jewellery retail brand. With a reputation for offering high-quality jewellery that blends traditional craftsmanship with modern design, Tanishq is a household name in India, known for its commitment to purity, trust, and customer satisfaction.
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