Last Updated : Aug 28 2024 | 4:50 PM IST
India’s largest jewellery retail brand, Tanishq and the world’s leading diamond company, De Beers Group, announced a long-term strategic collaboration to boost India’s natural diamond jewellery market.
Tanishq and De Beers join hands to enhance consumer education, interest and confidence, and to promote natural diamonds across India.
Through this collaboration, the two parties will capitalise on Tanishqs deep understanding of the Indian market built up over three decades, combined with De Beers expertise in the diamond category, to deepen consumer desire for and confidence in natural diamonds, underscoring their inherent value, rarity and timelessness.
With a vibrant economy, a growing middle class and discerning consumers who seek jewellery with enduring value, demand for natural diamond jewellery from Indian consumers has surged recently and now represents 11% of global demand.
This has seen India replace China as the second largest market in the world for natural diamond jewellery. With diamond acquisition rates in India well below those in mature markets such as the US, this provides a significant opportunity to catalyse further growth for natural diamond jewellery in India, Titan stated in the press release.
The collaboration will focus on building extensive consumer outreach, deepening capabilities of Tanishqs retail staff to communicate about natural diamonds, educating consumers about authenticity, and shaping customer experiences as they explore their desire for natural diamonds and studded jewellery.
This will also be supported by a compelling 360-degree marketing campaign to build awareness and target expanding the customer base in the country, including first time buyers, said the firm.
The new collaboration builds on the existing relationship between Tanishq and De Beers, with Tanishq already using De Beers proprietary diamond verification technology to support the assurance of the authenticity of its products. The two parties are also in talks regarding opportunities to collaborate on traceability, how Tanishqs diamond supply needs can best be met and further opportunities to use De Beers proprietary technologies to support pipeline integrity, it added.
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
The company reported marginal decline in standalone net profit to Rs 770 crore in Q1 FY25 as against Rs 777 crore posted in Q1 FY24. Revenue from operations jumped 9.92% year on year (YoY) to Rs 11,105 crore during the quarter.
Shares of Titan Company shed 0.64% to Rs 3,528.10 on the BSE.
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First Published: Aug 28 2024 | 4:30 PM IST
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