De Beers is ramping up its Forevermark retail expansion in India, anticipating sustained growth in the country’s natural diamond market. Shweta Harit, Global SVP of De Beers Group and CEO of Forevermark, said India’s diamond segment is set to grow at 10 to 12 percent annually, driven by strong wedding demand and increasing self-purchase by working women.
Currently operating four stores in India, Forevermark plans to expand to 20 locations by the end of 2026, a fivefold increase, with a long-term vision of reaching 100 stores by 2030. India is the first market where the company is deploying its standalone Forevermark retail format at scale, leveraging more than a decade of brand presence in the country.
Harit highlighted an early shift in consumer preferences toward white gold, which accounts for roughly 80 percent of recent sales. This reflects a growing inclination among younger buyers for contemporary, internationally inspired designs. Tier-2 cities, including Ludhiana, Indore, and Bhopal, are emerging as important growth drivers, fueled by rising incomes and greater access to branded jewellery through e-commerce. Digital channels are performing beyond expectations, with the highest-value single orders originating online, underscoring consumer trust in purchasing high-value diamonds through verified platforms.
The CEO also addressed the rising popularity of lab-grown diamonds (LGDs), noting a sharp global price decline of 70 to 80 percent. Harit cautioned buyers to consider certification and resale value when exploring lab-grown options, particularly in a market where discretionary spending is increasing and gold prices remain elevated.
With its strong retail strategy, focus on tier-2 growth, and digital channels performing robustly, De Beers expects India to remain a key growth engine for its global business in the coming decade. The company’s approach blends contemporary design, targeted market expansion, and e-commerce integration to capture shifting consumer preferences while reinforcing the enduring value of natural diamonds.
