De Beers Group CEO Al Cook has said that demand for diamond jewelry in India is expected to double by 2030. The company plans to launch its Forevermark brand in the Indian market.
“India has become the world’s second-largest market for natural diamond jewelry,” Cook told reporters. “Last year, it even surpassed China. India’s demand for natural diamonds has grown by double digits over the past few years. We expect this demand to grow at about 12% annually and to double within the next five years.”
Currently, India’s diamond jewelry market is valued at just under $10 billion. Cook expressed strong confidence in India’s future growth.
De Beers plans to open four Forevermark stores soon — two in Delhi and two in Mumbai. “Our aim is to have over 100 stores across India within five years,” Cook said during his three-day visit to India.
Amit Pratihari, managing director of De Beers India, explained that Forevermark will use an omnichannel approach. “We will launch e-commerce alongside physical stores because, in India, having stores on the ground is very important. We will expand carefully using a cluster strategy. This means focusing on fully developing one city or market before moving to the next.”
Pratihari added that the five-year expansion plan will include both company-owned and franchise stores. This will cover not only large cities but also smaller second- and third-tier cities to reach more customers.
Cook also spoke about De Beers’ plan to close its Lightbox brand, which sells laboratory-grown diamonds (LGDs). He said that the future for LGDs lies mainly in high-tech industrial uses, not jewelry.
“Element Six, a De Beers subsidiary, can support key technology sectors in India,” Cook said. “We believe Element Six will play an important role in building semiconductors and data centers as India develops its artificial intelligence industry.”
On the topic of lab-grown diamonds, Cook said their wholesale prices in jewelry have dropped by 90%. “We are working harder to educate consumers about the differences between natural and lab-grown diamonds. The idea that they are the same is starting to change. The influence of our Diamond Proof certification will continue to grow.”
Cook noted that Indian consumers’ demand for natural diamonds is increasing fast. He said De Beers plans to spend the most on marketing natural diamonds in a decade by 2025.
When asked about U.S. tariffs, Cook explained that diamonds are unique because the U.S. does not have natural diamond mines. “That is why we believe the U.S. will exempt natural diamonds from tariffs, just like they do for gold and other products not mined in the country,” he said.
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