India’s Diamond Destiny: Market Growth to Outshine the World by 2030

India’s appetite for diamond jewellery is set to sparkle brighter than ever, with De Beers Group CEO Al Cook forecasting demand to double by 2030. This bullish outlook comes as India has leapfrogged China to become the world’s second-largest market for natural diamond jewellery, now trailing only the US. Currently, the Indian diamond jewellery market is valued just under $10 billion, and De Beers expects it to soar to $20 billion within five years, fueled by a robust 12% annual growth rate.

 

Key drivers behind this meteoric rise include India’s booming economy, rising disposable incomes, and a growing preference for passing down natural diamonds as heirlooms. De Beers is capitalizing on this momentum by launching its Forevermark brand in India, with plans to open four flagship stores in Delhi and Mumbai in the coming months and an ambitious target of over 100 stores nationwide within five years. The company is also embracing an omni-channel retail strategy, blending physical stores with e-commerce to reach consumers in tier II and III cities.

 

Notably, De Beers is ramping up its marketing spend in India to the highest level in a decade and forging strategic partnerships with leading Indian jewellers like Tata’s Tanishq. The company is also investing in sustainable, low-carbon diamond supply chains, aligning with the values of environmentally conscious consumers.

 

As lab-grown diamond prices continue to fall, De Beers is doubling down on natural diamonds, betting that Indian consumers will continue to value authenticity and legacy in their jewellery choices.

 

Sources: The Economic Times, Business Standard, The Hindu BusinessLine