De Beers is setting its sights firmly on India, with expectations that the country’s appetite for diamond jewellery could double by the end of the decade. Al Cook, the global CEO of De Beers Group, shared that India has overtaken China to become the second-largest market for natural diamond jewellery — a major milestone for the company.
“We’ve seen double-digit growth year after year,” Cook said during a media briefing. “Right now, India’s demand for natural diamond jewellery is just under $10 billion, and it’s rising at about 12% annually. At this pace, we believe it will more than double by 2030.”
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To keep pace with this growth, De Beers is rolling out its Forevermark brand across India. The company is kicking off with four new stores—two in Delhi and two in Mumbai—over the coming months. But that’s just the start. Cook outlined an ambitious plan to grow the footprint to more than 100 stores across the country within five years.
Amit Pratihari, De Beers India’s Managing Director, explained the company’s strategy: “We’re not just opening stores for the sake of scale. This is a focused expansion. We’ll take a cluster-based approach—fully develop one market before moving on to the next. And while we’re doing that, we’re also going digital with an e-commerce platform launching alongside our physical stores.”
The expansion plan includes both company-owned and franchise-operated outlets, not only in major metros but also in emerging Tier II and Tier III cities where there’s a growing aspirational class of buyers.
While De Beers is doubling down on natural diamonds, it’s pulling back from lab-grown ones. Cook confirmed the company’s decision to shut down its Lightbox lab-grown diamond jewellery line, citing a strategic pivot.
“We believe the real future of lab-grown diamonds lies in technology and industry, not jewellery,” he said. De Beers’ subsidiary Element Six will focus on advanced applications like semiconductors and data centers—areas where India is investing heavily in its tech infrastructure. “We see a real opportunity to collaborate and contribute meaningfully to India’s digital ambitions.”
On pricing, Cook noted that the cost of lab-grown diamonds has nosedived, with wholesale prices in the jewellery segment plunging by about 90%. “There’s a growing awareness among consumers that natural and lab-grown diamonds are not the same,” he added. “Tools like Diamond Proof are helping bust the myth that you can’t tell the difference.”
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With India becoming a central player in De Beers’ global strategy, Cook also touched on marketing. “Our 2025 marketing budget for natural diamonds will be the highest we’ve committed in the past 10 years,” he revealed.
On the topic of global trade, particularly in light of new U.S. tariffs, Cook was optimistic. “There are no natural diamond mines in the U.S., just like there’s no gold production. That’s why we believe natural diamonds will be exempt from these tariffs, as they’ve done with other non-domestic resources.”
With India emerging as a diamond powerhouse, De Beers is clearly not just watching the market—they’re moving fast to shape it.
