De Beers and Tanishq Announce Collaboration
August 28, 24
(IDEX Online) - De Beers and Tanishq, the Indian jewelry retailer with almost 500 outlets, today (28 August) said they will work together to promote natural diamonds.
They jointly announced a long-term strategic collaboration to "to enhance consumer education, interest and confidence".
India has overtaken China as the world's second biggest diamond consumer with an 11 per cent share of the market, they say.
But diamond acquisition rates are "well below those in mature markets such as the US".
Tanishq is a division of Titan, which is, in turn, part of the Tata Group - India's largest conglomerate.
It already uses De Beers' proprietary diamond verification technology and is planning further collaborations on traceability.
Ajoy Chawla, CEO of Titan's jewelry division, 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."