Amit Pratihari, Managing Director of D Beers India, said on Saturday that India has overtaken China to become the world’s second largest market for polished diamonds and jewelery after the US. Prathihari was in Surat to announce De Beers’ partnership with Tanishq for strategic collaboration to boost India’s natural diamond jewelery market.
The incident has significance as Surat’s diamond sector is going through a phase of recession following the Russia-Ukraine war, among other factors.
De Beers Group, a leading global firm in the sector, and Tanishk, one of India’s top jewelery retail brands, have announced a long-term strategic collaboration to connect more Indian consumers with the “rarity and preciousness of natural diamonds and expand the growing diamond opportunity in the Indian market.”
Addressing the journalists, Prathihari said, ‘The world’s diamond jewelry market is worth 89 billion US dollars. The United States is the largest consumer of polished diamonds and diamond-studded jewelry, and India is the world’s second-largest market, followed by China and the Middle East.
Regarding the fluctuation in the price of rough diamonds, Parthihari said, ‘The price of rough diamonds fluctuates and this is a midstream process. It depends on the economic situation of the world. There is instability in China and the US market, which consumes more than 50 percent of diamonds, has not grown either. The price fluctuation during October and November is to meet our vision holders through which diamonds reach the local market. After the US election, we are seeing double-digit growth there. Earlier, China was the second largest market for diamonds, but after the pandemic, it has shown a slowdown and is now slowly getting out of it. By the end of 2025, the market will be good.”
He added, “India is the second largest diamond consuming market. India’s Gems and Jewelery Market India’s domestic consumption is $85 billion and is estimated to reach $120 billion by 2030. India’s economy is currently a $3.5 trillion economy and is expected to reach $7.9 trillion by 2030. Major growth in the Indian market is in desirable products including gems and jewelery industry.
In partnership with Tanishk, Prathihari said, “We will create awareness among customers about precious natural diamonds, so that they know how a diamond is made and how it reaches different hands and how it is handcrafted and its value and uniqueness. “
Meanwhile, Tanishq Chief Marketing Officer Pelki Chiring said, “We are here to celebrate the trust and unconditional love of 1,06,325 Surat families. It is our privilege to be a part of their fondest memories and to adorn their brides for decades. Today, we launched our latest diamond jewelery collection, ‘Unbound’. Tanishq Unbound is not just a collection, but a tribute to her world. With collections like ‘Unbound’ and our collaboration with the De Beers Group, we aim to celebrate and honor the individuality and aspirations of every woman today and for generations to come.
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