India’s largest jewellery retailer Tanishq and global diamond major De Beers on Wednesday announced a strategic partnership to promote natural diamond jewellery in the country. The collaboration aims to capitalize on India’s recent climb to the world’s second-largest diamond jewellery market, pipping China, which is seeing a slowdown. US is the largest market, with half of the world’s diamond demand coming from that country. India constitutes 11% of diamond demand and China is at 10%, experts said. Tanishq is also looking to shore up sales of diamond jewellery with the partnership. The latter accounts for 30% of its total jewellery sales in terms of value.

The Tanishq-De Beers partnership will focus on consumer education, staff training, and marketing initiatives to increase awareness for natural diamonds versus lab-grown diamonds. The partnership will also see Tanishq ink supply arrangements with De Beers apart from working on testing mechanisms to check the authencity 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,” Ajoy Chawla, CEO, jewellery division, Titan, said.

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While diamond studded jewellery in terms of value accounts for around 13% of the total jewellery market in India, the market has been growing, as younger consumers opt for studded jewellery versus gold jewellery, experts said. The rise of digital-only brands has fueled the trend, with consumers looking at affordable but trendy diamond jewellery for everyday wear.

Organised players, say experts, have been aggressive with partnerships in the diamond jewellery space; typing up with designers, launching collections frequently and enhancing their manufacturing and testing capabilities.

Acquisitions have also happened in this space, with both Tanishq and Kalyan Jewellers, who are the top two players, tapping into the segment by acquiring digital brands such as Caratlane and Candere each. These brands have since been taken offline to ensure “omnichannel” presence and boost sales growth.

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Last week, unlisted jewellery retailer Joyalukkas said that it would launch an online-only jewellery brand by FY26 and would also increase it diamond jewellery counters across its stores. The jeweller also indicated that it was looking to improve diamond jewellery sales from 19% now to 24% in the next four years.

Industry estimates peg the online jewellery market in India at about $1 billion, which is projected to triple in size to $3 billion over the next few years, led by the diamond segment.

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