India is emerging as a central pillar in De Beers’ global growth strategy, with diamond demand in the country projected to double by the end of the decade. Speaking to ETRetail, De Beers Group Chief Executive Officer Al Cook said the company expects India’s appetite for natural diamonds to be twice its 2024 levels by 2030, driven by economic momentum, rising incomes and deep-rooted cultural affinity for the gemstone.
The outlook comes as De Beers continues to expand its retail footprint in the country. The company recently opened its fifth Forevermark store in Mumbai, which Cook described as the largest diamond store owned by De Beers anywhere in the world. According to him, India’s historical connection with diamonds, combined with current economic trends, makes the market a natural focus for long-term investment.
India’s role in the global diamond trade has been changing rapidly. While the United States has traditionally accounted for nearly half of global diamond consumption, India has posted sustained double digit growth in recent years. In 2025, natural diamond demand in the country grew by about 11 percent, enabling India to overtake China to become the world’s second-largest diamond market.
Cook linked this growth to strong macroeconomic fundamentals. India’s GDP growth in the range of 6 to 8 percent and the steady expansion of the middle class have significantly broadened the consumer base for discretionary products such as jewellery. High-income households in the country are also expected to double again by 2030, strengthening demand across both bridal and everyday wear segments.
To tap this opportunity, De Beers plans to scale up its Forevermark presence from five stores currently to 25 by the end of this year, with a longer-term target of 100 stores nationwide by 2030. Cook said the pace of expansion reflects the company’s confidence in India’s demand trajectory.
Addressing the growing visibility of lab-grown diamonds, Cook drew a clear distinction between the two categories, pointing to significant differences in pricing and consumer perception. With younger buyers playing an increasingly important role, including Gen Z accounting for more than half of diamond purchasers in India, De Beers sees the country not just as a source of diamonds, but as one of its most important consumer markets going forward.
