De Beers and the Gem & Jewellery Export Promotion Council (GJEPC) have established a joint program to support India’s natural-diamond trade, providing education and promotional assets.
Through the new program, called Indian Natural Diamond Retailer Alliance (INDRA), independent Indian jewelers will receive training, support and guidance, De Beers said Tuesday. The scheme will offer tools and instruction to help retailers leverage artificial intelligence (AI) to create customized campaigns and employ multilingual marketing assets, as well as teaching them how to create immersive storytelling.
Interactive roadshows will begin in January, at which GJEPC members will be able to sign up for the program.
“India’s diamond growth story is quite remarkable, and it has now become the second-largest market in the world for retail sales of diamond jewelry,” said Sandrine Conseiller, CEO of De Beers Brands. “However, with its vibrant economy, growing young population and large number of leading diamond businesses, India still holds a wealth of untapped potential. Presently in the Indian jewelry retail sector, the penetration of natural diamonds stands at only around 10% which is well below the rate seen in mature jewelry markets such as the US.”
The collaboration will help “unlock this growing opportunity for increased consumer demand” for natural-diamond jewelry, she added.
India’s gem and jewelry market is valued at $85 billion, and is projected to reach $130 billion by 2030, according to GJEPC chairman Vipul Shah. INDRA aims to increase Indian-designed jewelry across the board, including everyday wear, fashion and bridal. Its vision is to educate stakeholders and improve consumer demand while focusing on natural diamonds.
Image: Rough diamonds. (De Beers)
