SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketSourcingAug 29, 2024
De Beers Looks to India to Boost Demand for Natural Diamonds
It is partnering with retailer Tanishq on educating salespeople, shaping the in-store experience, and a “360-degree” marketing campaign.
Ajoy Chawla, CEO of Titan Company Ltd.’s jewelry division, (left) and De Beers Brands CEO Sandrine Conseiller pose with diamonds at a joint press conference held Wednesday in Mumbai, India. De Beers and retailer Tanishq, which is owned by Titan, are teaming up in an effort to boost demand for natural diamonds in India.
Mumbai, India—With diamond jewelry demand facing headwinds in both the United States and China, De Beers Group is turning to another market to bolster demand, and it is partnering with the country’s largest jeweler to do it.
On Wednesday, De Beers Group announced a new strategic collaboration with Tanishq, a retail chain that is a household name in India, with nearly 500 stores nationwide.
The announcement came at a press conference held in Mumbai and attended by De Beers Brands CEO Sandrine Conseiller and Ajoy Chawla, CEO of the jewelry division of Titan Company Ltd., Tanishq’s parent company.
Modeled on the partnership De Beers formed with U.S. retailer Signet Jewelers earlier this year, the collaboration with Tanishq includes educating both Tanishq staff and consumers about natural diamonds; shaping customers’ experiences around the stones; and a “360-degree” marketing campaign aimed in part at first-time diamond buyers.
The marketing campaign is still in the development phase, as Tanishq and De Beers work to identify the cities and towns where they should direct their focus.
At the press conference, Chawla said that while diamond jewelry currently accounts for about 20 percent of total jewelry sales in India by value—a market where gold reigns supreme—Tanishq’s share is higher.
Sales of diamond jewelry make up 30 percent of sales (in value terms) at Tanishq and its subsidiary, Carat Lane. And those sales are all natural diamonds; Tanishq does not sell lab-grown diamonds and has no plans to do so at present, Chawla said.
“In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands, real experiences, and value natural, wholesome products,” Chawla said in the press release announcing the partnership.
“All Tanishq diamonds are natural, rare, and valuable and have attracted our customers with innovative designs. The collaboration with De Beers will unlock new opportunity for both Tanishq and the diamond sector.”
Related stories will be right here …
On Wednesday, De Beers Group announced a new strategic collaboration with Tanishq, a retail chain that is a household name in India, with nearly 500 stores nationwide.
The announcement came at a press conference held in Mumbai and attended by De Beers Brands CEO Sandrine Conseiller and Ajoy Chawla, CEO of the jewelry division of Titan Company Ltd., Tanishq’s parent company.
Modeled on the partnership De Beers formed with U.S. retailer Signet Jewelers earlier this year, the collaboration with Tanishq includes educating both Tanishq staff and consumers about natural diamonds; shaping customers’ experiences around the stones; and a “360-degree” marketing campaign aimed in part at first-time diamond buyers.
The marketing campaign is still in the development phase, as Tanishq and De Beers work to identify the cities and towns where they should direct their focus.
At the press conference, Chawla said that while diamond jewelry currently accounts for about 20 percent of total jewelry sales in India by value—a market where gold reigns supreme—Tanishq’s share is higher.
Sales of diamond jewelry make up 30 percent of sales (in value terms) at Tanishq and its subsidiary, Carat Lane. And those sales are all natural diamonds; Tanishq does not sell lab-grown diamonds and has no plans to do so at present, Chawla said.
“In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands, real experiences, and value natural, wholesome products,” Chawla said in the press release announcing the partnership.
“All Tanishq diamonds are natural, rare, and valuable and have attracted our customers with innovative designs. The collaboration with De Beers will unlock new opportunity for both Tanishq and the diamond sector.”
The collaboration comes at a time when De Beers is grappling with declining diamond jewelry demand in China, where consumers are turning to gold amid the country’s economic uncertainties, and increased competition from lab-grown diamonds in its largest market, the U.S.
These headwinds, coupled with a surge in demand for diamond jewelry among Indian consumers, have made India the second-largest market for diamond jewelry in the world, surpassing China.
A De Beers spokesperson said according to the company’s data, Indian consumers now account for 11 percent of global diamond jewelry demand in value terms, while China’s share of demand has slipped to a single-digit percentage.
The U.S. remains the largest market for diamond jewelry, accounting for more than half of global demand in value terms, the spokesperson said.
In addition to marketing natural diamonds, De Beers and Tanishq are exploring supply chain agreements, “especially when there are requirements for large quantities of similar stones for special [jewelry] collections,” Chawla said at the press conference.
They are also cooperating on diamond traceability and lab-grown diamond detection technologies.
Tanishq’s manufacturing arm already uses De Beers’ technology for detecting lab-grown diamonds. The company may start using De Beers’ new retail countertop diamond verification instrument at its stores, Chawla said.
Tanishq is part of Mumbai-headquartered conglomerate The Tata Group and has more than 475 stores in more than 270 cities across India.
The jeweler opened a store in the U.S. in New Jersey in 2023, and added two more later that same year.
It opened a fourth U.S. store in Chicago earlier this year.
—Stephen Rego, a Mumbai-based journalist, contributed to this report.
More on Sourcing
The Latest
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024The company also noted record sales in the United States and a strong performance in its jewelry category.
TrendsMar 21, 2025
Piece of the Week: Marrow Fine’s ‘Til Death’ RingAfter the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason DeruloThe rapper and singer-songwriter will perform at Tao Beach on June 8.
Weekly QuizMar 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.
Lab-GrownMar 20, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond SectorAs lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.
Brought to you by
Have a Plan for EmergenciesEmergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.
MajorsMar 19, 2025
Signet Jewelers to Close Stores, Cut Staff Amid Declining SalesThe moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.
CollectionsMar 19, 2025
Jessica McCormack’s New Collection Elevates Office WearThe “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.
WatchesMar 19, 2025
Breitling Acquires Another Watch Brand From the 1800sBreitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.
AuctionsMar 19, 2025
10-Carat Fancy Vivid Blue Diamond Expected to Sell for $20MDubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.
MajorsMar 19, 2025
AGS Adds New Program, Relaunches CSAThe American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.
CollectionsMar 18, 2025
Beck Debuts New Collection as Trove’s Latest Designer-in-ResidenceRebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.
ColumnistsMar 18, 2025
Peter Smith: The Importance of Culture in HiringSmith explores why a qualified candidate might still not be right for the job.
Events & AwardsMar 18, 2025
Fink’s Jewelers Is Now a Regional Emmy WinnerThe company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.
WatchesMar 18, 2025
Citizen Announces New Modern Luxury Watch CategoryThe “Series8” and “Attesa” collections will be grouped under Citizen Premier.
MajorsMar 18, 2025
Borsheims Names New Assistant IT ManagerDavid Fager, a former systems engineer at the retailer, was promoted to the role.
Events & AwardsMar 17, 2025
Gem Awards Honor All Facets of the IndustryFrom retailers to designers and the media, the fine jewelry industry recognized one another’s work and looked to the future.
Events & AwardsMar 17, 2025
GIA Names Winner of Emerging Jewelry Design Talent AwardEleanor H. Yeh is the recipient of the eighth annual Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
MajorsMar 17, 2025
Tous Names U.S. Managing Director, VPJoseph Cavalcante takes on the dual role as the Spanish jewelry brand looks to expand further into the U.S. market.
Events & AwardsMar 17, 2025
CBG Expands Las Vegas Show to 3 DaysThe trade show has also upgraded its venue to the Caesars Forum Conference Center.
IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 YearsThe Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter AwardReeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac PendantThe piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.The Indian jewelry brand recently opened stores in Atlanta and Seattle.
FinancialsMar 13, 2025
Brilliant Earth’s 2024 Sales Struggled Amid Engagement RecoveryCEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.
