SourcingJul 25, 2024
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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.
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