Indian diamond market to double in five years, De Beers’ Cook says

India’s diamond jewelry market will double by 2030, De Beers Group said on Thursday as the global diamond company plans a significant retail expansion in the country.

De Beers Group chief executive officer (CEO) Al Cook said in a press conference in Mumbai that India’s demand for natural diamond jewelry is growing at a compound annual rate of 12%. The current market, which is valued at nearly $10 billion, is estimated to double within five years.

“India has become the second largest market for natural diamond jewelry globally, overtaking China last year,” Cook said. “We’ve seen double-digit growth for the last few years, and we actually see natural diamond demand in India, which is growing at 12% annually, to double over the next five years by 2030.”

Cook is on a three-day visit to India—his first official trip to the country. He also met with commerce minister Piyush Goyal to discuss the importance of keeping diamond trade free from tariffs and restrictions.

“Diamonds are a little bit different as there are no natural diamond mines in America. That’s why we’re so confident in our belief that the US will exempt natural diamonds from tariffs, just like they’ve exempted gold and other things that can’t be made in the United States of America,” Cook said.

India processes around 90% of the world’s diamonds. While much of locally processed diamonds are exported, there has been a significant increase in demand in domestic market—second only to the US for the company.

Meanwhile, De Beers said it is launching its Forevermark brand in India as part of its expansion strategy.

Four new stores—two in Mumbai and two in Delhi—are set to open in the coming months. Over the next five years, the company plans to set up more than 100 stores across India, including in tier II and III cities.

Amit Pratihari, managing director of De Beers India, said the rollout will follow a cluster-based approach.

“In the digital world, we are launching our e-commerce along with the store launch. And in India…physical availability is critical. So, for that, we have an expansion for physical stores. We’re going with a cluster-based approach rather than just spray and pray,” Pratihari said.

The store network will include a combination of company-owned outlets and franchise partnerships.

Cook also addressed the company’s strategy on lab-grown diamonds (LGDs). De Beers plans to close its Lightbox LGD jewelry brand and shift focus toward industrial applications through its subsidiary Element Six.

“De Beers Group’s Element Six subsidiary has the potential to support the development of key technology sectors in India. We believe Element Six can play a collaborative and impactful role in India’s semiconductor and data center build-out as part of the country’s drive towards AI,” he said.

He also noted that LGD wholesale prices in the jewelry sector have seen a drop by 90%.

“Our drive to educate consumers about the difference between natural diamonds and LGDs has accelerated. The myth that you can’t tell the difference between a natural diamond and an LGD is beginning to shatter, and Diamond Proof’s influence is only going to grow,” Cook said.

Talking about global trends, Cook said diamond demand in China has fallen significantly and will take time to recover due to ongoing economic issues.

The US market has remained stable, with some growth in recent months. The Middle East continues to show steady growth.