GJEPC and De Beers Collaborate to Strengthen Natural Diamond Market in India

De Beers Group and the Gem & Jewellery Export Promotion Council (GJEPC), India’s leading jewellery trade body, have launched a strategic collaboration named INDRA – Indian Natural Diamond Retailer Alliance. 

The initiative aims to support independent retailers in India by offering advanced tools and resources including incorporating technologies such as Artificial Intelligence to help create customised retailer campaigns. 

It also offers retailers multi-lingual marketing materials and training resources, including detailed information on natural diamonds in local languages, to better equip them to engage with consumers.

Interactive roadshows introducing the INDRA programme are set to begin in January 2025, allowing GJEPC members to enrol in the initiative.

Focus on Industry Growth

Vipul Shah, Chairman of GJEPC, highlighted the significant growth potential of India’s jewellery market. “The Indian gem and jewellery market, currently valued at USD 85 billion, is poised for rapid growth, projected to reach USD 130 billion by 2030. Indra is designed to harness this momentum by tapping into India’s dynamic young population, the rise of organised players, and increasing demand across bridal, everyday wear, fashion, and entry-level jewellery. This initiative reflects a shared vision to educate stakeholders, empower retailers, and boost consumer demand, all while highlighting the timeless value of natural diamonds.” he said.

Mr Shah added that the initiative aligns with a shared vision to educate stakeholders, empower retailers, and boost consumer demand for natural diamonds.

“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 jewellery. 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 jewellery retail sector, the penetration of natural diamonds stands at only around 10% which is well below the rate seen in mature jewellery markets such as the US.

Through this new collaboration with the GJEPC we will help unlock this growing opportunity for increased consumer demand for all types of natural diamond jewellery, including bridal, everyday wear and entry level pieces.”

India’s Role in the Global Diamond Market

India has become the second-largest market globally for diamond jewellery retail sales, according to Sandrine Conseiller, CEO of De Beers Brands. She noted that natural diamond penetration in the Indian retail sector currently stands at approximately 10%, well below levels seen in markets such as the United States.

Programme Resources for Retailers

Retailers can enrol in the programme via INDRAonline.in to access resources such as multilingual training modules on natural diamond knowledge, a market intelligence portal, and tools for creating tailored marketing materials to promote natural diamonds in-store.

Collaboration Highlights

The collaboration draws on GJEPC’s decades of experience in the Indian jewellery sector and De Beers Group’s expertise in the diamond industry. GJEPC’s activities, such as its IIJS trade shows and roadshows, offer avenues to engage with businesses across the Indian jewellery market.

Alignment with Global Standards

The initiative follows GJEPC’s adoption of the US Federal Trade Commission’s (FTC) updated guidelines on diamond terminology and nomenclature, supporting clarity and transparency for industry stakeholders and consumers.