Latest news with #AlCook
Fashion Network
23-05-2025
- Business
- Fashion Network
De Beers announces commitment to unlocking India's diamond potential
De Beers Group has reiterated its commitment to advancing India's role in the global diamond industry, with chief executive Al Cook highlighting the country's growing influence across the diamond value chain during a recent visit to Mumbai and Surat. 'For more than two thousand years, India has been at the heart of the world's diamond industry,' said Cook in a press release. 'But I have also seen that the future of diamonds in India will be even greater than the past.' Cook noted India's rise as the second-largest market for natural diamonds, stating the industry is now increasingly about diamonds 'for India' and 'to India'. As wholesale prices for lab-grown diamonds fall below $60 per carat, Cook emphasised the growing importance of consumer education and verification tools. 'The myth that you can't tell the difference between a natural diamond and an LGD is beginning to shatter and DiamondProof's influence is only going to grow,' said Cook. Following the planned closure of its Lightbox LGD jewellery brand, De Beers aims to focus on high-tech applications through Element Six, including opportunities in India's semiconductor and AI sectors. Cook also underlined strategic partnerships with Tanishq and the Gem and Jewellery Export Promotion Council, alongside plans to expand the Forevermark brand to 100 stores in 40 cities by 2030. De Beers and the GJEPC have also launched INDRA to support independent retailers with promotional tools and training.
Business Mayor
23-05-2025
- Business
- Business Mayor
Natural diamond still India's crown jewel: De Beers Group CEO
Having toppled China as the world's second-biggest market for natural diamonds, India is shining bright for De Beers, said the mining conglomerate's global CEO Al Cook. Also, Indian consumers aren't following those in the US in taking to lab-grown diamonds (LGDs) in a big way. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' Cook, 50, told ET in an interview. 'LGD will remain a mass-produced, low-cost, pretty and fun jewellery to wear. Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing.'Still, the miner is said to have to lowered its rough diamond production target for the current year, given the China slump and the rise of LGDs elsewhere. While the US market, the world's biggest, is gravitating towards LGD, Chinese buyers increasingly prefer gold over diamonds. Indians are most likely to pass diamond jewellery on as heirloom pieces to the next generation and hence the preference for natural stones, said Cook. He's in India on a three-day tour to meet diamond sight holders (rough diamond bulk buyers), retailers and manufacturers. The British-born Cook said the Indian natural diamond market is expected to double by 2030 to $20 billion from $10 billion now, as the aspiration for natural diamonds is increasing among Indians. India's natural diamond consumption grew 12% year on year in 2024. Read More China to investigate fashion firm PVH for suspected boycott De Beers has already announced that its natural diamond marketing spend in India in 2025 will be the highest in a decade. It has entered into a long-term strategic collaboration with the Tata Group's Tanishq to connect with more Indian consumers. India overtook China in diamond purchases in 2024. That's the year the Chinese market more than halved to 43 billion yuan ($6 billion) from100 billion yuan in 2021, according to the Gems & Jewellery trade Association. The downturn was driven by economic uncertainty and the shift in consumer preference to gold as the yellow metal's price US diamond jewellery market was valued at $356 billion in 2024, having declined by 8-9% over the previous two years, and is expected to reach $478.8 billion by 2030, growing at a CAGR of 5.22%, according to De Beers. In the US, LGDs are eating into the natural diamond pie, prompting De Beers to step up its game in India, where acceptance of the artificial variety is still at a nascent stage. LGDs CATCHING UP 'Lab-grown diamond wholesale and retail prices continued to fall through 2024 as the bifurcation from natural diamonds progresses, with acceleration in the second half of the year,' Cook said. 'In the lead-up to the holiday season, several US retailers introduced deep discounts on lab-grown diamond jewellery amidst increased competition, with some retailers also including disclaimers for their customers that lab-grown diamonds may not hold their value over time.' De Beers shut its LGD jewellery brand Lightbox, which was established in 2018, a few days ago, reinforcing its commitment to natural diamonds. Interestingly, the price of certain qualities of rough diamonds is on the rise as there is a supply constraint in the market. 'A proportion of natural diamond demand continues to be affected in the near-term by lab-grown diamonds in the US as a result of prevailing high retail margins, but such margins are expected to be unsustainable in light of increasing lab-grown diamond supply volumes, greater levels of competition, and growing consumer awareness of lab-grown diamond price trends,' the De Beers global CEO said. 'If you go to the US you can buy a LGD ring for $299 at Walmart.' Recognising the rapidly growing consumer demand for natural diamonds in India, Cook said, 'The industry used to be focused on diamonds 'from India' and 'by India', but now it's increasingly about diamonds 'for India' and 'to India'.'
Time of India
23-05-2025
- Business
- Time of India
Natural diamond still India's crown jewel: De Beers Group CEO
Having toppled China as the world's second-biggest market for natural diamonds , India is shining bright for De Beers , said the mining conglomerate's global CEO Al Cook. Also, Indian consumers aren't following those in the US in taking to lab-grown diamonds (LGDs) in a big way. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' Cook, 50, told ET in an interview. 'LGD will remain a mass-produced, low-cost, pretty and fun jewellery to wear. Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing.' Still, the miner is said to have to lowered its rough diamond production target for the current year, given the China slump and the rise of LGDs elsewhere. While the US market, the world's biggest, is gravitating towards LGD, Chinese buyers increasingly prefer gold over diamonds. Indians are most likely to pass diamond jewellery on as heirloom pieces to the next generation and hence the preference for natural stones, said Cook. He's in India on a three-day tour to meet diamond sight holders (rough diamond bulk buyers), retailers and manufacturers. The British-born Cook said the Indian natural diamond market is expected to double by 2030 to $20 billion from $10 billion now, as the aspiration for natural diamonds is increasing among Indians. India's natural diamond consumption grew 12% year on year in 2024. De Beers has already announced that its natural diamond marketing spend in India in 2025 will be the highest in a decade. It has entered into a long-term strategic collaboration with the Tata Group 's Tanishq to connect with more Indian consumers. India overtook China in diamond purchases in 2024. That's the year the Chinese market more than halved to 43 billion yuan ($6 billion) from100 billion yuan in 2021, according to the Gems & Jewellery trade Association. The downturn was driven by economic uncertainty and the shift in consumer preference to gold as the yellow metal's price surged. The US diamond jewellery market was valued at $356 billion in 2024, having declined by 8-9% over the previous two years, and is expected to reach $478.8 billion by 2030, growing at a CAGR of 5.22%, according to De Beers. In the US, LGDs are eating into the natural diamond pie, prompting De Beers to step up its game in India, where acceptance of the artificial variety is still at a nascent stage. LGDs CATCHING UP 'Lab-grown diamond wholesale and retail prices continued to fall through 2024 as the bifurcation from natural diamonds progresses, with acceleration in the second half of the year,' Cook said. 'In the lead-up to the holiday season, several US retailers introduced deep discounts on lab-grown diamond jewellery amidst increased competition, with some retailers also including disclaimers for their customers that lab-grown diamonds may not hold their value over time.' De Beers shut its LGD jewellery brand Lightbox, which was established in 2018, a few days ago, reinforcing its commitment to natural diamonds. Interestingly, the price of certain qualities of rough diamonds is on the rise as there is a supply constraint in the market. 'A proportion of natural diamond demand continues to be affected in the near-term by lab-grown diamonds in the US as a result of prevailing high retail margins, but such margins are expected to be unsustainable in light of increasing lab-grown diamond supply volumes, greater levels of competition, and growing consumer awareness of lab-grown diamond price trends,' the De Beers global CEO said. 'If you go to the US you can buy a LGD ring for $299 at Walmart.' Recognising the rapidly growing consumer demand for natural diamonds in India, Cook said, 'The industry used to be focused on diamonds 'from India' and 'by India', but now it's increasingly about diamonds 'for India' and 'to India'.'
Time of India
23-05-2025
- Business
- Time of India
De Beers working with govt for zero-tariff in US
MUMBAI: De Beers Group is collaborating with the Indian govt to establish a policy of zero tariff for diamonds entering the US after being cut and polished in India. The group has also met with Piyush Goyal, minister of commerce and industry, requesting him to engage with his US counterpart for the "free flow of diamonds". Al Cook, CEO of De Beers Group, stated that 90% of diamonds are exported from India, making it crucial for the country to secure a deal before July 9. "Britain and India seem to be doing very good jobs on working with tariff deals with the US. I am very confident that India will reach a deal ahead of July 9. We have already seen a deal in the UK," he said. Cook added that beyond India and the US, the world allows the "free flow of natural diamonds" as there are only a few places around the world, mainly in Africa, where they are produced. Since diamonds are mined in the US and cut and polished mostly in India, a zero-duty entry of diamonds into the US will not lead to any job losses, he reasoned. "We don't think there should be a tax on love," the De Beers CEO remarked. Discussing shifting trends, he noted that until a few years ago, it was about diamonds 'from India' and 'by India,' but now it is 'for India' and 'to India. ' He was hinting at the increasing domestic demand for diamonds in the second largest market in the world. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo The diamond conglomerate forecasts that India's natural diamond consumption market is likely to double in the coming five years, from about $9-10 billion to about $18-20 billion. Speaking about the bifurcation of the market into natural and lab-grown diamonds (LGD), he mentioned that as LGD wholesale value has fallen to below $60 per carat, the significance of technology-enabled diamond testing has grown in importance. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
23-05-2025
- Business
- Economic Times
Natural diamond still India's crown jewel: De Beers Group CEO
Having toppled China as the world's second-biggest market for natural diamonds, India is shining bright for De Beers, said the mining conglomerate's global CEO Al Cook. Also, Indian consumers aren't following those in the US in taking to lab-grown diamonds (LGDs) in a big way. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' Cook, 50, told ET in an interview. 'LGD will remain a mass-produced, low-cost, pretty and fun jewellery to wear. Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing.' Still, the miner is said to have to lowered its rough diamond production target for the current year, given the China slump and the rise of LGDs elsewhere. While the US market, the world's biggest, is gravitating towards LGD, Chinese buyers increasingly prefer gold over diamonds. Indians are most likely to pass diamond jewellery on as heirloom pieces to the next generation and hence the preference for natural stones, said Cook. He's in India on a three-day tour to meet diamond sight holders (rough diamond bulk buyers), retailers and manufacturers. The British-born Cook said the Indian natural diamond market is expected to double by 2030 to $20 billion from $10 billion now, as the aspiration for natural diamonds is increasing among Indians. India's natural diamond consumption grew 12% year on year in 2024. De Beers has already announced that its natural diamond marketing spend in India in 2025 will be the highest in a decade. It has entered into a long-term strategic collaboration with the Tata Group's Tanishq to connect with more Indian consumers. India overtook China in diamond purchases in 2024. That's the year the Chinese market more than halved to 43 billion yuan ($6 billion) from100 billion yuan in 2021, according to the Gems & Jewellery trade Association. The downturn was driven by economic uncertainty and the shift in consumer preference to gold as the yellow metal's price surged. The US diamond jewellery market was valued at $356 billion in 2024, having declined by 8-9% over the previous two years, and is expected to reach $478.8 billion by 2030, growing at a CAGR of 5.22%, according to De Beers. In the US, LGDs are eating into the natural diamond pie, prompting De Beers to step up its game in India, where acceptance of the artificial variety is still at a nascent CATCHING UP'Lab-grown diamond wholesale and retail prices continued to fall through 2024 as the bifurcation from natural diamonds progresses, with acceleration in the second half of the year,' Cook said. 'In the lead-up to the holiday season, several US retailers introduced deep discounts on lab-grown diamond jewellery amidst increased competition, with some retailers also including disclaimers for their customers that lab-grown diamonds may not hold their value over time.'De Beers shut its LGD jewellery brand Lightbox, which was established in 2018, a few days ago, reinforcing its commitment to natural diamonds. Interestingly, the price of certain qualities of rough diamonds is on the rise as there is a supply constraint in the market. 'A proportion of natural diamond demand continues to be affected in the near-term by lab-grown diamonds in the US as a result of prevailing high retail margins, but such margins are expected to be unsustainable in light of increasing lab-grown diamond supply volumes, greater levels of competition, and growing consumer awareness of lab-grown diamond price trends,' the De Beers global CEO said. 'If you go to the US you can buy a LGD ring for $299 at Walmart.' Recognising the rapidly growing consumer demand for natural diamonds in India, Cook said, 'The industry used to be focused on diamonds 'from India' and 'by India', but now it's increasingly about diamonds 'for India' and 'to India'.'
