De Beers Shines Bright in India's Diamond Market
De Beers, a leading diamond company, projects a significant rise in diamond jewellery consumption in India by 2030. With a new brand launch and expansion plans, the company targets reaching over 100 stores in India within five years. The difference between natural and lab-grown diamonds is emphasized amidst increasing consumer demand.
- Country:
- India
Diamond giant De Beers is eyeing a substantial growth in India's diamond jewellery market, forecasting demand to double by 2030. CEO Al Cook stated that India has overtaken China as the second-largest market for natural diamond jewellery.
De Beers plans to open four Forevermark stores soon and aims for over 100 outlets across India in five years. The new stores will feature an omni-channel approach, integrating digital platforms and physical locations, particularly in tier II and III cities.
The company also distinguishes between natural and lab-grown diamonds, stressing the declining wholesale prices of lab-grown gems. De Beers is increasing its marketing for natural diamonds and hopes the US will exempt them from tariffs, just as it has for gold.
(With inputs from agencies.)
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