Latest news with #DeBeersGroup
Time of India
23-05-2025
- Business
- Time of India
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. '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 mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds ', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
Business Mayor
23-05-2025
- Business
- Business Mayor
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
Representational image De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. '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 mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. Read More China to investigate fashion firm PVH for suspected boycott The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
Time of India
23-05-2025
- Business
- Time of India
De Beers pushes for zero-tariff entry of cut and polished Indian diamonds into US
De Beers Group is working with the Indian government to create a zero-tariff policy for diamonds entering the United States after being cut and polished in India. The group has already met with commerce and industry minister Piyush Goyal and urged him to speak with his US counterpart to enable the 'free flow of diamonds'. Al Cook, CEO of De Beers Group, told ToI that 90% of diamonds are exported from India, and it is vital for the country to finalise a deal before 9 July. '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 mentioned that apart from India and the US, most of the world allows the 'free flow of natural diamonds', as these are produced only in a few places globally, mostly in Africa. Since diamonds are mined in the US and then cut and polished in India, a zero-duty entry into the American market would not lead to any job losses, he said. 'We don't think there should be a tax on love,' the De Beers CEO said. Cook also spoke of changing trends in the diamond trade. He said that earlier, the focus used to be on diamonds 'from India' and 'by India', but now it is shifting to 'for India' and 'to India', referring to the growing demand within the country. India is now the second-largest market for natural diamonds in the world. The British-born CEO said that the Indian natural diamond market is set to double to $20 billion by 2030, up from $10 billion at present. He said this growth is driven by rising aspirations among Indian buyers. According to him, India's natural diamond consumption rose by 12% year-on-year in 2024. Live Events You Might Also Like: Natural diamond still India's crown jewel: De Beers Group CEO Commenting on the growing division between natural and lab-grown diamonds (LGDs), Cook said that with LGD wholesale value falling below $60 per carat, the importance of diamond testing technology has gone up. He said that India, which has overtaken China as the world's second-largest natural diamond market, is becoming more valuable to De Beers. Cook said Indian consumers, unlike their US counterparts, are not shifting in large numbers towards LGDs. 'One can buy 20 LGDs for the price of 1 carat of natural diamond,' he told ET. He added that LGDs will continue to be 'mass-produced, low-cost, pretty and fun jewellery to wear.' He said Indian buyers prefer natural diamonds because they value uniqueness. 'Indian consumers are more sophisticated, and they like natural things. They believe in the uniqueness of natural diamonds and therefore the demand is growing,' he said. De Beers recently closed its LGD jewellery brand Lightbox, which was launched in 2018. This move reflects the group's renewed focus on natural diamonds. Meanwhile, prices of some grades of rough diamonds are going up due to tight supply in the market.
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.
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
