‘India is emerging as second largest market in consumption of polished diamonds after US’

The De Beers Group, a leading global firm in the sector, and Tanishq, which is among India’s top jewellery retail brands, announced a long-term strategic collaboration to connect more Indian consumers with the “rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market”.

Addressing the reporters, Prathihari said, “The diamond jewellery market of the world is worth 89 US billion dollars. The United States is the largest consumer of polished diamond and diamond-studded jewelleries and India is the second largest market in the world, while China and the Middle East follow.”

On the matter of price fluctuation in the rough diamonds, Parathihari said, “There is a price fluctuation in rough diamonds and it is the mid-stream process. It relies on the economical situation of the world. There is instability in China and there is no growth even in the USA market, which consumes over 50% of diamonds. The price fluctuation in October and November month is to cater our sight holders through which the diamond reaches the local market. After the US elections, we are seeing double digit growth there. Earlier, China was the second largest market of diamonds, but after the pandemic, it has witnessed a slowdown and now slowly they are coming out of it. By the end of 2025, the market will be good.”

He further added, “India is the second largest diamond consuming market. India’s gems and jewellery market domestic consumption of India is 85 billion dollar and it is expected to reach 120 billion dollar by 2030. India’s economy is presently a 3.5 trillion dollar economy and by 2030, it is expected to reach 7.9 trillion dollars. Major growth in the Indian market is into the desirable products which includes gems and jewellery industry.”

On the partnership with Tanishq, Prathihari said, “We will create awareness of precious natural diamonds among the customers, so that they would know how the diamonds are formed and how it passes to different hands and reaches to the craftsmanship and its value and uniqueness.”

Meanwhile, Tanishq Chief marketing officer Pelki Tshering said, “We are here to celebrate the trust and unconditional love bestowed by 1,06,325 Surat families. It’s our privilege to have been a part of their most cherished memories and to have adorned their brides for so many decades. Today, we have launched our latest diamond jewellery collection, the ‘Unbound’. Tanishq unbound is not merely a collection, but a tribute to her world. With collections like ‘Unbound’ and our collaboration with De Beers Group, we aim to celebrate and honour the individuality and aspirations of every woman, today and for generations to come.”