India’s natural diamond market is on the cusp of a transformative leap. During his maiden visit to India, De Beers CEO Al Cook projected that the country’s natural diamond market—currently valued at just under $10 billion—is set to double by 2030.
Al Cook, CEO of De Beers Group, declared that India’s natural diamond market, currently valued at just under $10 billion, is poised to double by 2030. Speaking at a press meet organised at Taj Lands End, Mumbai, on 22 May, during his first visit to India since assuming leadership in February 2023, Cook outlined De Beers’ strategic initiatives to capitalise on India’s booming demand and solidify its position as the heart of the global diamond industry.
Cook emphasised India’s unparalleled significance, noting that the country has been the “heart and home of diamonds” for over 2,000 years. As the world’s second-largest market for natural diamonds, India processes 90% of global diamond supply, supporting over a million jobs. With demand for natural diamonds in India rising 12% year-on-year, Cook projected that the market’s growth to $20 billion by 2030 will be driven by a burgeoning middle class, rising disposable incomes, and a cultural affinity for natural diamonds. “India’s economy is the envy of the world,” he said, highlighting the country’s entrepreneurial spirit and infrastructure growth.
To support this doubling, De Beers is launching a multi-faceted strategy tailored to India’s dynamic market. The Forevermark brand will debut in Mumbai and Delhi later in 2025, with plans to expand to over 100 stores across tens of cities within five years. “We’re adopting a cluster-based approach, combining company-owned and franchise stores with a robust e-commerce platform,” Cook explained, targeting an average ticket size of ₹2.5 lakh to appeal to aspirational yet price-conscious consumers.
De Beers is also intensifying marketing efforts to drive demand. The Love From Dad campaign, celebrating milestones like a daughter’s second ear piercing, has struck a chord with Indian consumers. Partnerships with the Indian Premier League (IPL) and Tanishq, India’s leading diamond jeweller, further amplify outreach. Thousands of Tanishq sales staff are being trained by De Beers’ Institute of Diamonds in Surat to educate consumers on the unique value of natural diamonds, emphasising their rarity and ethical sourcing.
A new venture, INDRA, in collaboration with GJEPC, will support Indian retailers in promoting natural diamonds, with 1,700 retailers already expressing interest ahead of its August launch. “We’re moving from ‘from and by India’ to ‘to and for India,’ reflecting the growing domestic demand,” Cook stated.
Cook highlighted the growing price gap between natural diamonds and lab-grown diamonds (LGDs), whose prices have fallen 90% since their peak. De Beers recently closed its Lightbox LGD jewellery business in the US, where retailers like Walmart now sell LGD jewellery for as low as $299. “Our mission to differentiate natural diamonds from LGDs is complete,” Cook said, reaffirming De Beers’ focus on natural diamonds.
To ensure consumer confidence, De Beers launched Diamond Proof, a retail tool that distinguishes natural diamonds from LGDs in three seconds with 100% accuracy. Cook added, “Consumers must know they’re buying a natural diamond,” he stressed, positioning verification as key to sustaining demand growth.
Sustainability is central to De Beers’ strategy, with a goal of carbon neutrality by 2030. Cook praised Indian polishers in Surat for adopting solar power and highlighted renewable energy initiatives at De Beers’ mines in South Africa and Namibia, including a recent wind power agreement in Namibia. These efforts align with Indian consumers’ preference for ethical, low-carbon products, further fuelling market growth.
Additionally, De Beers’ Element Six division is exploring synthetic diamonds’ technological applications, such as in 6G technology and quantum computing. “India’s rise as a technology powerhouse makes it a natural partner for these innovations,” Cook said, signalling potential investments in India’s semiconductor sector to support the country’s economic growth and, indirectly, its diamond market.
Navigating Global Challenges
Cook addressed global trade dynamics, expressing confidence in securing tariff exemptions for natural diamonds in US-India trade negotiations, given the absence of commercial diamond deposits in the US. “Tariffs act as a consumption tax on US consumers, which isn’t the goal,” he said, noting India’s advocacy, led by Hon’ble Union Commerce & Industry Minister Shri Piyush Goyal, for tariff-free diamond trade. This could further bolster India’s export-driven diamond industry, supporting the projected market doubling.
Cook’s vision for doubling India’s natural diamond market by 2030 is underpinned by De Beers’ deep-rooted commitment to the country. From the world-leading Institute of Diamonds in Surat to ambitious retail and marketing initiatives, De Beers is positioning India as the global leader in natural diamond consumption. “India fell in love with diamonds 2,000 years ago, and that connection endures,” Cook said, emphasising that the country’s economic and cultural dynamism will drive the next chapter of the diamond story.