India is moving to the forefront of global natural diamond consumption. At a Mumbai media roundtable, De Beers CEO Al Cook and Forevermark CEO & De Beers Global SVP Shweta Harit explained why the country now anchors the group’s growth strategy, driven by demand, retail expansion and consumer confidence.
India has emerged as the world’s second-largest market for natural diamonds, driven by sustained demand growth and rising consumer confidence, according to Al Cook, CEO, De Beers Group, and Shweta Harit, CEO, Forevermark and Global Senior Vice President, De Beers Group, who addressed the media at a roundtable in Mumbai on 6th January.
Cook said India recorded its fourth consecutive year of double-digit growth in natural diamond demand in 2025, with preliminary estimates pointing to an 11% year-on-year increase. This momentum has placed India ahead of China, second only to the United States, marking a clear shift in global diamond consumption patterns.
He attributed this rise to India’s strong economic fundamentals, steady GDP growth of 6-7%, and the expansion of a high-income middle class. At a time of global geopolitical volatility, Cook described India as a rare pocket of economic and political stability, giving it growing influence within the global diamond industry.
“India is no longer only where diamonds are made for the world. It is increasingly where diamonds are bought for India,” Cook said, pointing to a transition from a manufacturing-led role to a consumption-driven market.
De Beers’ growing confidence in India is reflected in its investments across the value chain, from its Institute of Diamonds in Surat to marketing, technology, manufacturing and retail. The group has operated the De Beers Institute of Diamonds in Surat for over a decade, supporting standards in cutting, polishing and grading.
On the consumer front, De Beers is accelerating the expansion of Forevermark, its natural diamond jewellery brand. Cook said the company has opened four Forevermark stores so far, with a fifth store planned in Mumbai this week, which will be the brand’s largest globally. The move signals De Beers’ intention to deepen its engagement with Indian consumers through a stronger retail presence.
Harit outlined Forevermark’s India strategy and early learnings from its standalone store format. She said India was chosen as the brand’s incubation market due to strong legacy awareness, favourable economic tailwinds and deep consumer insight built over years of operating through shop-in-shop formats.
She added that early performance indicates traction among premium, self-purchase customers, with higher-than-expected demand for white gold jewellery and larger carat sizes, suggesting a shift towards more internationally influenced buying preferences.
Addressing the debate around lab-grown diamonds, Cook said India is seeing a clear separation between natural and lab-grown offerings, driven largely by pricing and consumer awareness. Natural diamonds continue to command significantly higher value, reinforcing their role as long-term, meaningful purchases.
Harit echoed this view, noting that natural diamond jewellery remains the highest-ranked category in terms of status and emotional value for Indian consumers, particularly for weddings and milestone occasions, even as lab-grown diamonds gain traction as fashion jewellery.
Cook also highlighted supply-side dynamics, noting that global diamond supply has been declining since peaking in 2008, with further tightening expected as major mines approach closure.
On policy and governance, Cook welcomed recent steps by India, including the Bureau of Indian Standards’ clarification on diamond terminology and India assuming the chairmanship of the Kimberley Process, calling both moves important for consumer trust and ethical assurance.
Looking ahead, both executives expressed confidence in India’s long-term growth story. Cook said De Beers expects natural diamond demand in India to double between 2024 and 2030, driven largely by Gen Z and younger consumers seeking jewellery that reflects individuality, meaning and legacy.
While China remains a longer-term opportunity, Cook said India is currently De Beers’ most dynamic growth market, shaping the group’s consumer-facing strategy in the near term.
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