{"id":28853,"date":"2024-12-03T10:57:21","date_gmt":"2024-12-03T05:27:21","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=28853"},"modified":"2024-12-09T17:02:40","modified_gmt":"2024-12-09T11:32:40","slug":"tanishq-and-de-beers-reinforce-indias-diamond-jewellery-surge","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/tanishq-and-de-beers-reinforce-indias-diamond-jewellery-surge\/","title":{"rendered":"Tanishq and De Beers Reinforce India\u2019s Diamond Jewellery Surge"},"content":{"rendered":"

India, a country deeply rooted in its love for jewellery, continues to shine as one of the most robust markets for natural diamonds. In an exclusive media interaction addressed by Ajoy Chawla, CEO of Titan\u2019s Jewellery Division<\/strong>, and Amit Pratihari, Managing Director of De Beers India<\/strong>, both executives revealed an exciting trajectory of growth fuelled by evolving consumer preferences, double-digit expansion, and increasing trust in branded jewellery.<\/p>\n

India\u2019s jewellery market is witnessing healthy sales growth in the studded jewellery segment, driven by rising disposable incomes, urbanization, and a shift in consumer behaviour.<\/p>\n

Ajoy Chawla, CEO of Titan\u2019s Jewellery Division, shared that the market has been in a good space, particularly in the diamond-studded jewellery segment. The growth for \u00a0studded jewellery has been evident even post the festive season, with no slowing in momentum. \u201cPerhaps we saw some pent-up demand from the first half of the year, but we are witnessing a healthy double-digit growth in both buyer numbers and ticket sizes since the last 4.5 months,\u201d Chawla revealed.<\/p>\n

For diamonds below 2 carats, evolved buyers are being cautious and adopting a \u2018wait-and-watch’ approach, Chawla noted. He also emphasized that solitaires represent just 10% of the diamond-studded category for the brand, with one-carat-plus solitaires comprising an even smaller share. \u201cSo, 95% of our diamond-studded segment remains robust, supported by double-digit buyer growth.\u201d<\/p>\n

On another note, he mentioned that gold coins, too, have exceeded all expectations, consistently delivering 30% to 40% year-on-year growth.<\/p>\n

\"\"
\u00a9 Tanishq<\/figcaption><\/figure>\n

New Consumer Trends<\/strong><\/p>\n

New buyers are driving a huge portion of this growth. In Q2, 46% of Tanishq\u2019s buyers were new customers, marking a notable shift in the customer landscape.<\/p>\n

Amit Pratihari,\u00a0 Managing Director of De Beers India, attributed this influx to evolving perceptions of diamonds. \u201cToday\u2019s consumers seek meaningful, versatile designs that resonate with their lifestyles. Jewellery is no longer limited to occasions; it\u2019s evolving into a reflection of individuality and everyday elegance,\u201d he said.<\/p>\n

He also pointed out that natural diamonds complement India\u2019s enduring love for gold, symbolising both wealth and emotion. \u201cWe are in an era where India\u2019s economy is thriving. With greater disposable incomes and an increasing consumer base, new buyers are seeking more meaningful jewellery,\u201d he observed. \u201cThis wave of new customers, especially working women, is reshaping the market, and driving demand for studded jewellery.<\/p>\n

Pratihari highlighted those women in smaller cities achieving financial independence \u201cno longer seek social validation to make purchases, often choosing jewellery as a symbol of their accomplishments and a lasting investment\u2014supporting the growth of our category in this evolving landscape.\u201d<\/p>\n

The Expansion of Tanishq<\/strong><\/p>\n

Tanishq\u2019s retail footprint has expanded significantly, with its store count reaching 496 as of the latest financial year\u2014a 7.8% year-on-year growth. Over and above, 28 existing stores have been transformed and renovated, with many stores getting additional space, dramatically increasing the brand\u2019s total retail capacity.<\/p>\n

Mia by Tanishq is expected to reach 250 stores by the year-end, while CaratLane recently launched its 300th store, and Zoya now has 13 exclusive boutiques, with three new additions this year.<\/p>\n

Notably, diamond-studded jewellery constitutes approximately 30% of Tanishq\u2019s sales, 7% of Mia\u2019s, and an impressive 95% at Zoya.<\/p>\n

\"\"
\u00a9 Zoya\u2019s Aeterna collection<\/figcaption><\/figure>\n

Regional Dynamics <\/strong><\/p>\n

Regional dynamics play a critical role in Tanishq\u2019s strategy. Studded jewellery is particularly strong in the north and west, while the south and east are catching up. South has been traditionally a not a strong market, but despite the lower base there, growth has been swift.<\/p>\n

Overall, smaller diamond sizes are gaining good penetration, driven by \u201cnew money\u201d and an increasingly employed younger generation.<\/p>\n

Tanishq\u2019s share of the organised market stands at 24% as of this year.<\/p>\n

Looking ahead, Tanishq plans to allocate more retail space to studded jewellery, aiming to grow its share of this category beyond the current 30%. The company also intends to expand its outreach to 150-200 cities, ensuring wider accessibility and engagement.<\/p>\n

\u201cWe will not venture into a city unless we see a minimum threshold for studded performance and sense the opportunity,\u201d Chawla explained, emphasising Tanishq\u2019s strategic approach to growth.<\/p>\n

Ensuring Quality and Building Trust<\/strong><\/p>\n

The penetration of natural diamonds in India has grown significantly, with polished diamond consumption now representing 11% -15% of the global market, added Pratihari.<\/p>\n

Despite challenges such as price volatility and the rise of lab-grown diamonds (LGDs), the appeal of natural diamonds endures, and organised players such as Tanishq are playing a key role in instilling confidence among consumers about the diamonds that are used in their collection. Pratihari noted that trust is always earned, and Tanishq has earned its position as a market leader since it\u2019s built on a solid foundation of meticulous processes, from sourcing materials to implementing rigorous quality checks. \u201cThe selection methodology, craftsmanship, and emphasis on transparency instil confidence in their products. Highlighting these efforts could further reinforce the trust and respect they\u2019ve gained,\u201d he stated.<\/p>\n

Chawla added, \u201cBeyond the 4Cs, we rely on technical parameters to assess diamonds, focusing on brilliance and sparkle\u2014qualities that captivate and enchant women. We are working on demonstrating these aspects in-store, ensuring diamonds are not seen as mere commodities. Additionally, we highlight natural clarity to reinforce trust in the authenticity of our products.\u201d<\/p>\n

Chawla emphasised the complexity of the diamond category and the confusion caused by LGDs. \u201cAt Tanishq, to ensure no contamination, we have stringent checks across the value chain,\u201d he said. This includes advanced detection technologies, a three-stage machine process, and extensive training for personnel. Tanishq has Synth Detect at some stores \u2013 whereby consumers can check to ensure there is no contamination in the diamond-studded jewellery. These measures bolster consumer confidence in the authenticity and value of Tanishq\u2019s offerings.<\/p>\n

\"\"
\u00a9 Mia\u2019s Disco earrings<\/figcaption><\/figure>\n

\u201cWe have De Beers\u2019 detection machines and are educating our store staff to speak as experts on diamonds. We\u2019re also planning diamond-proof measures at the retail level to reinforce trust.\u201d Tanishq\u2019s commitment to transparency and quality includes rigorous sourcing processes, traceability, and backend work to ensure every piece meets its high standards.<\/p>\n

Education is also a core focus. \u201cWe are focused on educating our customers, which starts with equipping our store staff to speak with expertise, not as laypeople. By December end, we aim to have trained staff across 150\u2013200 stores in the top 10\u201315 cities, particularly where large diamonds are sold, as these require deeper discussions. Simultaneously, we\u2019re initiating consumer education through events and store outreach. Over the next 3\u20134 months, we plan extensive engagements, bringing customers to our stores and hosting events to create awareness. While advertising builds curiosity, true clarity comes from personalised, one-to-one interactions, addressing customer confusion directly.\u201d<\/p>\n

Addressing Challenges<\/strong><\/p>\n

Today, the diamond market is not without challenges. The emergence of LGDs, priced significantly lower than natural diamonds, has caused some confusion among consumers. However, government regulations mandating clear labelling of LGDs will help strengthen consumer confidence in natural diamonds.<\/p>\n

\u201cLGDs target a different consumer base and don\u2019t directly compete with natural diamonds. They present an opportunity to attract first-time buyers who may transition to natural diamonds for significant purchases,\u201d Chawla explained.<\/p>\n

At the wholesale level, natural diamond prices are undergoing corrections, while retail pricing remains stable. LGD prices, on the other hand, have dropped significantly, further differentiating the two categories.<\/p>\n

Pratihari remarked: \u201cIndia\u2019s love affair with jewellery, particularly diamonds, is poised to grow stronger. With only 7-8% of diamond penetration in the country (the population currently owning diamonds), the untapped potential is immense.\u201d As disposable incomes rise and consumer aspirations evolve, the demand for premium, branded jewellery is expected to soar, he added.<\/p>\n

\u201cBrands like Tanishq, supported by partners like De Beers, are at the forefront of this growth journey. By focusing on innovation, trust, and customer-centricity, they are shaping the future of the jewellery industry while redefining how Indians perceive and experience diamonds. The timeless allure of diamonds ensures they will continue to shine brightly, solidifying India\u2019s position as a global leader in jewellery,\u201d Pratihari concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

India, a country deeply rooted in its love for jewellery, continues to shine as one of the most robust markets for natural diamonds. In an exclusive media interaction addressed by Ajoy Chawla, CEO of Titan\u2019s Jewellery Division, and Amit Pratihari, Managing Director of De Beers India, both executives revealed an exciting trajectory of growth fuelled…<\/p>\n","protected":false},"author":3,"featured_media":28854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96,100,107,79],"tags":[],"thb-sponsors":[],"class_list":["post-28853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diamonds","category-in-focus","category-retail","category-viewpoint"],"acf":[],"yoast_head":"\nTanishq and De Beers Reinforce India\u2019s Diamond Jewellery Surge - Diamond jewellery magazine<\/title>\n<meta name=\"description\" content=\"Solitaire International Magazine: Get the best diamond jewellery magazines in India. 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