India’s largest jewelry retailer, Tanishq, is collaborating with De Beers Group on what the two companies describe as a long-term strategic partnership to promote “desire and confidence” in natural diamonds to Indian consumers.

Tanishq, which has more than 400 boutiques in India, will market De Beers diamonds for their rarity and preciousness. The companies’ goal is to boost interest in natural diamonds in India, which has become the world’s second-largest market for natural diamond jewelry, according to a joint corporate statement.

“The collaboration with De Beers will unlock new opportunity for both Tanishq and the diamond sector, celebrating the eternal beauty of these miracles of nature,” said Ajoy Chawla, CEO of the jewelry division for Tanishq’s parent, Titan Company Ltd., in the statement.

India is a key market for De Beers because it has a vibrant economy, a growing middle class, and “discerning consumers who seek jewelry with enduring value,” the diamond giant said in the statement.

“Demand for natural diamond jewelry from Indian consumers has surged recently and now represents 11% of global demand,” De Beers stated. “With diamond acquisition rates in India well below those in mature markets such as the United States, this provides a significant opportunity to catalyze further growth for natural diamond jewelry in India.”

The Tanishq–De Beers partnership will center on enhancing consumer knowledge about natural diamonds. To this end, Tanishq brings more than three decades of experience with Indian consumers, while De Beers offers marketing might that promotes natural diamonds as rare, valuable, and timeless, the two companies said. Their statement said they will create a “compelling 360-degree marketing campaign” to build awareness.

“The opportunity in India for diamonds is massive, given the very low penetration of studded jewelry and the rising per capita incomes in the world’s most populous country,” Chawla said. “Tanishq has been a pioneer in democratizing diamond jewelry in the market for three decades and has always targeted the modern progressive woman.”

First-time buyers will also be a focus of the natural diamond campaign, according to the brands. A hint of what they might emphasize came in one of Chawla’s quotes in the statement: “In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands, real experiences and value natural, wholesome products,” he said.

Tanishq said it will invest in further educating store employees about natural diamonds and De Beers. The two companies already have a working relationship, as Tanishq uses De Beers’ proprietary diamond verification technology.

The brands are in talks to collaborate on natural diamond traceability, Tanishq’s diamond-supply needs, and additional opportunities to use De Beers’ proprietary technology to support pipeline integrity, their statement said.

In an interview about the collaboration with Indian news organization NDTV, Chawla said there is a lot of untapped potential for diamonds in India and the rise of lab-growns has not dimmed consumer interest in natural diamonds.

Diamond jewelry accounts for 30% of Tanishq’s total sales and, according to Chawla, “can grow if consumer confidence for diamonds improves in a gold-obsessed market like India,” the article said.

A Reuters story about the Tanishq–De Beers collab said nine out of 10 diamonds in the world are polished in India, which is the largest center globally for cutting and polishing diamonds, but the country’s cut and polished diamond exports plunged this year because of weak demand from China.

Outside India, Tanishq has stores in Singapore, Qatar, and the United Arab Emirates, as well as several locations in the United States that opened over the past couple of years.

Top: A Tanishq store in the United States (photo courtesy of Tanishq)

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