India’s largest jewellery retailer, Tanishq, and global diamond giant De Beers announced a strategic partnership on Wednesday to promote natural diamond jewellery in the country. This collaboration seeks to capitalise on India’s recent rise to the world’s second-largest diamond jewellery market, surpassing China, which is experiencing a slowdown. The US remains the largest market, accounting for half of the world’s diamond demand. India now represents 11% of global diamond demand, slightly ahead of China at 10%, according to experts. Tanishq is also aiming to boost its diamond jewellery sales through this partnership, with diamonds currently contributing to 30% of its total jewellery sales by value.

The Tanishq-De Beers partnership will concentrate on consumer education, staff training, and marketing initiatives to raise awareness for natural diamonds versus lab-grown diamonds. Additionally, Tanishq will enter into supply arrangements with De Beers and work on testing mechanisms to ensure the authenticity and traceability of diamonds, building on Tanishq’s existing use of De Beers’ diamond verification technology.

“The opportunity in India for diamonds is massive, given the low penetration of studded jewellery and the rising per capita incomes in the world’s most populous country,” said Ajoy Chawla, CEO of Titan’s jewellery division.

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Currently, diamond-studded jewellery accounts for around 13% of the total jewellery market in India by value. However, the market is expanding as younger consumers prefer studded jewellery over traditional gold jewellery. The rise of digital-only brands has further fuelled this trend, with consumers seeking affordable yet trendy diamond jewellery for everyday wear.

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Experts note that organised players have been proactive in the diamond jewellery space, forming partnerships with designers, frequently launching new collections, and enhancing their manufacturing and testing capabilities. 

Acquisitions have also played a significant role, with Tanishq and Kalyan Jewellers—India’s top two jewellery retailers—expanding their presence in the segment by acquiring digital brands such as CaratLane and Candere, respectively. These brands have since been brought into the offline space to create an omnichannel presence, driving further sales growth.

Last week, unlisted jewellery retailer Joyalukkas announced plans to launch an online-only jewellery brand by FY26 and to increase its diamond jewellery counters across its stores. The jeweller also indicated that it aims to boost diamond jewellery sales from 19% to 24% over the next four years.

Industry estimates suggest that India’s online jewellery market, currently valued at about $1 billion, is projected to triple to $3 billion in the coming years, driven largely by the diamond segment.