MUMBAI (Reuters) – Diamond miner De Beers is partnering with India’s Tanishq to promote natural diamonds in India, which has surpassed China to become the world’s second-largest diamond market after the United States.
The two companies said in a joint statement they had agreed a long-term strategic collaboration to educate Indian consumers, build confidence in natural diamonds and promote their use.
Tanishq, a jewellery brand of Titan Co., will use diamond verification technology from De Beers, a unit of Anglo American, to provide assurance of the authenticity of its products to retail consumers, said Ajoy Chawla, CEO of Titan’s jewellery division.
Diamond jewellery sales in India have been rising rapidly at a time when China experienced a slowdown, said Sandrine Conseiller, CEO of De Beers Brands.
India is the world’s largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally. But its cut and polished diamond exports plunged this year because of weak demand from China.
(Reporting by Rajendra Jadhav; Editing by David Holmes)
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