De Beers Group and India’s Gem & Jewellery Export Promotion Council (GJEPC) have announced a strategic collaboration to “strengthen the natural diamond narrative” in India.
The new Indian Natural Diamond Retailer Alliance (INDRA) will support Indian retailers with multilingual marketing assets and training, as well as tech tools that use artificial intelligence to create customized campaigns.
“The Indian gem and jewelry market, currently valued at $85 billion, is poised for rapid growth, projected to reach $130 billion by 2030,” said GJEPC chairman Vipul Shah in a statement. “INDRA is designed to harness this momentum by tapping into India’s dynamic young population, the rise of organized players, and increasing demand across bridal, everyday wear, fashion, and entry-level jewelry.”
In the same statement, De Beers Brands CEO Sandrine Conseiller said that India “holds a wealth of untapped potential” for diamonds.
“Presently in the Indian jewelry retail sector, the penetration of natural diamonds stands at only around 10%, which is well below the rate seen in mature jewelry markets such as the U.S.,” she said.
India is currently the world’s second largest diamond market, taking over that spot from China. The United States remains first.
The collaboration follows the GJEPC’s promotion of the U.S. Federal Trade Commission’s guidelines for lab-grown diamond labeling. It also comes on the heels of surveys showing greater acceptance of lab-grown diamonds within India.
De Beers previously has forged partnerships with Signet Jewelers, Chinese retailer Chow Tai Fook, and Indian retailer Tanishq.
Top: De Beers Brands CEO Sandrine Conseiller and GJEPC chair Vipul Shah (photo courtesy of De Beers)
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