India has officially become the second-largest consumer of natural diamond jewelry in the world, surpassing China and trailing only behind the United States. This milestone comes as India’s demand for these precious stones now represents 11% of global consumption.
This shift in market dynamics was bolstered by a strategic partnership between the De Beers Group, a leading global diamond company, and Tanishq, the jewelry division of Titan Company Limited, part of the Tata Group. The collaboration aims to further elevate the presence of natural diamonds in the Indian market.
Ajoy Chawla, CEO of Titan’s Jewelry Division, and Sandrine Conseiller, CEO of De Beers Brands, highlighted the significant growth potential in India. Chawla noted that the low penetration of diamond-studded jewelry, combined with rising per capita incomes, presents a substantial opportunity for market expansion. Tanishq projects that the number of consumers purchasing natural diamond jewelry in India could double in the coming years.
The partnership focuses on consumer outreach and enhancing the capabilities of Tanishq staff to better communicate the value of natural diamonds, with the aim of boosting consumer confidence and demand.
Currently, between 30% and 35% of Titan Company’s income is derived from natural diamond jewelry, and this figure is expected to grow as the collaboration with De Beers strengthens India’s position in the global diamond market.
