De Beers Group, the world’s largest diamond producer, and the Gem & jewelry Export Promotion Council (GJEPC), India’s premier jewelry trade group, today announced the start of a strategic partnership to enhance the natural diamond story in the Indian gem and jewellery trade.
The initiative, called INDRA – Indian Natural Diamond Retailer Alliance, will focus on providing independent dealers in India with capabilities that go beyond the norm. For example, using Artificial Intelligence to generate personalized retail marketing. From multilingual marketing assets to immersive storytelling and superior customer experiences, as well as in-depth natural diamond jewellery training in local languages, it will provide India’s jewellers with the tools they need to ensure that natural diamonds resonate deeply with every consumer who walks through their doors. Interactive roadshows about the collaboration will begin in January 2025, and GJEPC members will be able to enroll in the initiative.
Vipul Shah, Chairman of GJEPC, stated, “The Indian gem and jewellery sector, presently estimated at USD 85 billion, is poised for significant expansion, projected to reach USD 130 billion by 2030. Indra is intended to capitalise on India’s dynamic young population, the rise of organised players, and rising demand for bridal, everyday wear, fashion, and entry-level jewels. This program reflects a unified vision of educating stakeholders, empowering retailers, and increasing consumer demand, all while emphasising the eternal value of natural diamonds.”
Sandrine Conseiller, CEO of De Beers Brands, stated that “India’s diamond growth story is quite remarkable, and it has now become the world’s second largest market for retail sales of diamond jewellery.” However, with its thriving economy, expanding young population, and a huge number of top diamond firms, India still has a lot of untapped potential. Currently, natural diamond penetration in the Indian jewelry retail sector is around 10%, which is significantly lower than in established jewellery markets such as the United States.
Through this new relationship with the GJEPC, we will help unlock the growing prospect for greater consumer demand for all forms of natural diamond jewelry, including bridal, everyday wear, and entry-level items.”
Retailers can register for the program at www.INDRAonline.in, and they will receive multilingual staff training modules focused on general natural diamond product knowledge, as well as access to a market information platform. The program will also supply retailers with configurable marketing assets and information to promote natural diamonds at the shop level, allowing them to increase their returns and customer base.
With over 10,000 members, GJEPC is the leading body in India’s gem and jewellery sector. GJEPC has the capacity to contact a diverse spectrum of enterprises in the Indian gem and jewellery sector through its three large-scale IIJS Shows, as well as numerous roadshows and direct outreach operations. Through this partnership, the two partners will leverage GJEPC‘s five-decade-long awareness of the Indian market, as well as De Beers Group‘s diamond expertise.
The new collaboration comes after the GJEPC adopted the modified diamond definition, nomenclature, and rules defined by the Federal Trade Commission (FTC) of the United States. The FTC’s new rules set separate terminology standards, promoting clarity and transparency for industry stakeholders and consumers.