89
/ 2
Min Read
Global diamond giant De Beers is forecasting a sharp rise in diamond jewellery consumption in India, projecting demand to double by the year 2030. The company's CEO, Al Cook, shared the bullish outlook during a three-day visit to the country, citing India’s ascent to become the second-largest market for natural diamonds, overtaking China.
“India is now one of the most important markets for us globally,” said Cook. “With an annual growth rate of 12% in natural diamond jewellery demand, we anticipate the market—currently just under $10 billion—to double over the next five years.”
As part of its expansion strategy, De Beers is launching its Forevermark brand in India. The company plans to open four stores in the coming months—two each in Delhi and Mumbai—and aims to establish more than 100 stores across India within five years.
Forevermark's India rollout will follow an omni-channel approach. Amit Pratihari, Managing Director of De Beers India, said, “We are launching e-commerce operations alongside physical stores. Given India's reliance on physical retail, our strategy includes a cluster-based expansion into tier II and III cities to capture emerging demand.”
The brand’s expansion will include both company-owned and franchise stores.
Cook also touched on De Beers' shifting stance on lab-grown diamonds (LGDs), confirming plans to shut down the Lightbox LGD jewellery brand. Instead, the company’s LGD subsidiary, Element Six, will focus on industrial applications like semiconductors and data centers—sectors aligned with India’s technological growth.
“Lab-grown diamonds are losing their shine in jewellery. Prices have plummeted nearly 90%, and consumer education is starting to close the gap in understanding between natural and lab-created stones,” said Cook.
Reaffirming its confidence in India’s luxury market, De Beers announced that its marketing investment for natural diamonds in 2025 will be the company’s highest in a decade.
On the global trade front, Cook expressed optimism that natural diamonds would be excluded from potential U.S. tariffs, noting that the country lacks its own natural diamond production.
“We believe natural diamonds, like gold, will be exempt because they simply cannot be produced domestically in the U.S.,” he said.
As India’s appetite for luxury goods grows, De Beers is positioning itself to capitalize on what it sees as a long-term growth opportunity in one of the world's most promising markets.
(Source: PTI)
