Tanishq eyes high double-digit growth in diamond jewellery sales

Ajoy Chawla
| Photo Credit: Special Arrangement

Titan Company is targeting to achieve higher double-digit growth in the sale of diamond studded jewellery in the country through its jewellery brand Tanishq, said Ajoy Chawla, CEO, Jewellery Division, Titan Company. 

This comes in the backdrop of the Titan Company having entered into a tie-up with diamond mining company De Beers a few months ago to promote natural diamonds in India.

“The penetration of diamond jewelry amongst customers in India is in single digits, or at best 10 to, 11%. If you look at the size of the total jewellery industry, it about ₹5.5 lakh crore to ₹6.4 lakh crore. The size of the diamond industry is between ₹70,000 to ₹75,000 crore,” Mr Chawla said. 

“Despite all the work in the last several decades, the penetration of diamonds has remained limited though it has grown. Our tie-up with De Beers will drive the growth of diamond industry in India,” he said.

“The whole idea is to increase the penetration. So, we are growing at a certain rate. There is good double-digit buyer growth for diamond jewellery, pre-festive, festive, post-festive growth. So, unlike what a lot of media sometimes thinks, there is a double digit buyer growth,” Mr Chawla emphasised

Stating that while gold has achieved 100% penetration in India he said diamond studded jewellery has only seen about 8.9% penetration. 

“And, therefore, certainly we want higher growth. How much higher growth, we have not put a number to it. We have our goals. And, there is an expectation that the diamond studded jewellery market will grow at a faster rate,” he added.

Amit Pratihari, Managing Director, De Beers India Pvt. Ltd. said the natural diamond consumption in India is set to rise.

“We estimate it is around $8.5 billion diamond jewelry market. And, it is expected to grow to almost $20-$22 billion in the next 7-8 years. So, that’s a huge opportunity considering the penetration is only 8-9%.”