India’s diamond industry is on the cusp of a historic transformation, with De Beers CEO Al Cook predicting that the country’s natural diamond market will double to $20 billion by 2030. This bullish outlook comes as India cements its status as the world’s second-largest market for natural diamond jewellery, overtaking China and posting double-digit growth despite global headwinds.
Market Set to Double:
Al Cook, speaking during his maiden visit to India as De Beers CEO, emphasized that India’s diamond jewellery demand—currently just under $10 billion—is growing at an annual rate of 12%. At this pace, the market is projected to reach $20 billion by the end of the decade, driven by rising affluence, a burgeoning middle class, and a deep-rooted cultural affinity for natural diamonds.
Strategic Expansion Plans:
To capture this explosive growth, De Beers is rolling out a major retail and marketing push. The company will launch its Forevermark brand in India, starting with four flagship stores in Mumbai and Delhi, and aims to expand to over 100 stores nationwide within five years. This expansion will cover not just metros but also tier II and III cities, supported by a new e-commerce platform and cluster-based retail strategy.
Marketing and Education:
De Beers has doubled its marketing spend in India for 2025—the highest in a decade—to build brand awareness and educate consumers on the uniqueness and ethical sourcing of natural diamonds. Initiatives include partnerships with leading jewellers like Tanishq, IPL campaigns, and the “Love From Dad” campaign, all designed to connect emotionally with Indian consumers.
Tariff-Free Push:
The CEO is actively lobbying for zero-tariff access for Indian-cut and polished diamonds entering the US, arguing that such a move would further boost India’s export-driven industry and support its global supply chain dominance.
Consumer Trends:
Indian buyers are showing a clear preference for natural diamonds over lab-grown alternatives, valuing the rarity and authenticity of natural stones. This sophisticated demand is a key factor in the market’s rapid expansion, with the average ticket size for diamond purchases now at ₹2.5 lakh.
Industry Impact:
India processes 90% of the world’s diamonds, supporting over a million jobs, and is now at the heart of global supply chains. De Beers’ strategic investments and the government’s push for tariff-free trade could further solidify India’s leadership in the global diamond market.
Outlook:
With robust economic growth, evolving consumer aspirations, and aggressive expansion by global giants like De Beers, India’s diamond market is set for a sparkling decade. If current trends hold, the country could soon challenge for the top spot globally, redefining the future of the diamond industry.
Sources: Fortune India, Economic Times, SnackFax, Solitaire (GJEPC), Indian Jeweller, Business Standard, Rediff
