De Beers Group announced a strategic partnership with Tanishq. Tanishq is one of India's leading jewellery brands. The goal was to help Indian consumers understand the rarity and value of natural diamonds, as well as the opportunities that are growing in the Indian market.
Amit Pratihari said that India was the second-largest market in the world for polished diamonds and jewelry, after the United States, but behind China. Prathihari, the Managing Director of De Beers India, was in Surat on Saturday to announce a partnership between De Beers and Tanishq to boost India's market for natural diamond jewellery.
This event is significant at a moment when the diamond industry in Surat, as well as other factors, is experiencing a slump following the Russia- Ukraine conflict.
De Beers Group (a global leader in the diamond industry) and Tanishq (one of India's leading jewellery brands) announced a strategic partnership to help Indian consumers learn more about the "rareness and preciousness" of natural gemstones, as well as the opportunities that are growing in the Indian marketplace.
Prathihari told reporters that the diamond jewellery market in the world was worth 89 billion US dollars. India is the world's second-largest market for polished diamonds and diamond-studded jewelry, followed by China and the Middle East.
Parathihari stated that there is a fluctuation of prices in rough diamonds. This is due to the mid-stream processes. The economic situation around the world is what determines the price. The USA market is not growing and China is unstable. Price fluctuation is to accommodate our sight holders, through whom the diamonds reach the local market. We are now seeing double-digit growth in the US after the US elections. China used to be the second-largest market for diamonds. However, after the pandemic it experienced a decline and is slowly recovering. By 2025, there will be a good market."
He added that "India is the world's second largest diamond consumer market." India's domestic gems and jewelry market is estimated to be worth 85 billion dollars and is expected reach 120 billion dollars by 2030. India's economy currently has a value of 3.5 trillion dollars and is expected to grow to 7.9 trillion by 2030. The Indian market has seen a major growth in desirable products, including the gems and jewelry industry.
Prathihari stated that the partnership would create awareness among customers about the value of natural diamonds, how they are created, how it is passed to different hands, and how its uniqueness and craftsmanship can be seen.
Tanishq's Chief Marketing Officer Pelki Tshering added, "We have come to celebrate the unconditional love and trust shown by 1,06 325 Surat families. We are honored to be a part their most treasured memories and to have decorated their brides over the years. We have just launched our latest diamond jewelry collection, 'Unbound.' Tanishq Unbound is more than a collection. It's a tribute to the woman who wears it. "With collections such as 'Unbound,' and our collaborations with De Beers Group we hope to celebrate and honor the individuality of each woman today and in generations to come."
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