Mumbai: Tata Group's jewellery retailer Tanishq on Friday said it will set up De Beers machines at its stores on a pilot basis to help customers validate the quality of diamonds. "We are planning to establish equipment by De Beers that will be something like a diamond clinic or a diamond lab, which will enable customers to be able to validate the quality of their diamonds, in a phased manner," Jewellery Division CEO of Titan, Ajoy Chawla told reporters.
"These equipment are the SynthDetect XL Plus, engineered to test both mounted jewellery and loose stones for synthetics and DiamondProof - a consumer-friendly device designed to provide confidence and education in diamond verification at the retail counter," he added. Ajoy Chawla said the goal is to give consumer confidence and also to grow the diamond market.
De Beers India Aims to Boost Consumer Confidence as Diamond Jewellery Market Set to Grow to $22 Billion
"Currently, gold has 100 per cent penetration and diamond-studded is only about 8-10 per cent penetration.Our only one single objective is to give confidence to the customer. Through consumer awareness and education, we want to ensure that diamond penetration grows. We want to give consumers the choice to decide what they want to buy," he added.
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On the other hand, De Beers India Managing Director Amit Pratihari, also present on the occasion, said, "We estimate (diamond jewellery market) at around USD 8.5 billion and it is expected to grow to almost USD 20-22 billion in next 7-8 years. We see the growth momentum going further with organised retailers like Tanishq. Most Indian customers and most Asian customers see precious jewellery as something which holds value over time."
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