Latest news with #DeBeersIndia
Mint
22-05-2025
- Business
- Mint
India's diamond market to double in five years, says De Beers Group Global CEO
India's diamond market, which is estimated at under $10 billion currently, is likely to double in five years on rising demand in Asia's third-largest economy, global chief executive officer (CEO) of De Beers Group Al Cook said on Thursday. De Beers Group is a South African–British company that specializes in all aspects of the diamond industry, including mining, trading, retail and manufacturing. 'In India, we have seen double-digit growth for the last few years. And we actually see natural diamond demand in India doubling over the next five years,' Cook, who is on his inaugural visit to India, said at a press conference in Mumbai. Talking about the world's four key regions for diamond consumption, he said there has been a substantial decline in China, and it would take quite a long time to recover, given the economic challenges there. In the US, the market has been stable over the last year with some growth in recent months, and De Beers will focus many of its marketing campaigns there to boost demand. The Middle East, meanwhile, continues to show strong and sustained growth, he added. In terms of revenue contribution from India, Cook said that around 90% of the world's diamonds come through India. But India also gets tremendous value from all the diamonds that are exported to the US and many other countries. He highlighted that India overtook China about a year ago and is now the second-largest diamond market for De Beers after the US, and is growing very strongly. 'So we expect that to increase as well going forward,' he said. Meanwhile, De Beers India's managing director Amit Pratihari said the company's expansion plans are well on track, with four new stores set to open this year–two in Mumbai and two in Delhi. That makes India a critically important market for the diamond industry. Cook said, he met India's commerce minister Piyush Goyal just a few days ago, to discuss that diamonds should flow freely around the world, without restrictions or tariffs. He has been in the US recently, continuing negotiations on the US–India trade agreement, and this is incredibly important for the diamond industry, as 90% of the world's diamonds are processed in India. A strong trade deal between the two countries would be a major step forward for the global diamond sector. Meanwhile, earlier this year, Mint had reported that De Beers stepped up marketing efforts in India, partnering with retailers and launching campaigns to promote natural diamonds in the hope of countering both the general slump in consumer demand and the growing popularity of lab grown diamonds (LGDs). To be sure, India's diamond market is estimated at $6.2 billion in FY25, while lab-grown diamonds represent a smaller $0.4 billion, according to Wazir Advisors. It estimates that both markets will grow by 2028, reaching $8.6 billion for natural diamonds and $0.6 billion for lab-grown diamonds. The company plans to spend record sums this year on marketing natural diamonds in India. Moreover, it has also been strengthening partnerships with local retailers in the country. In 2023, local jewellery retailer Tanishq and De Beers Group announced a three-year collaboration to boost sales of natural diamonds at Tanishq stores. Earlier this year, De Beers Group partnered the Gem and Jewellery Export Promotion Council (GJEPC), a jewellery trade body, to promote natural diamond sales in India by helping small, independent retailers. The penetration of natural diamonds in India is currently around 10%, well below the rate in mature jewellery markets such as the US. Natural diamonds are facing competition from LGDs, or synthetic diamonds, due to their lower cost, ethical sourcing, and environmental benefits. Advances in technology have made them nearly identical to natural diamonds, appealing to consumers seeking more sustainable and affordable options. 'LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices,' Cook said. He emphasized that De Beers Group envisions the long-term commercial potential of LGDs primarily in high-tech industrial applications, which aligns with its decision to close the Lightbox LGD jewellery brand.
News18
28-04-2025
- Business
- News18
Akshaya Tritiya 2025: How Gen Z, Gemstones, and New Traditions Are Shaping Jewellery Choices
Last Updated: This Akshaya Tritiya, jewellery isn't just an investment in value. It's an investment in stories, in memories, and in identity. Akshaya Tritiya, one of India's most auspicious festivals, has always been deeply associated with prosperity, new beginnings, and timeless traditions. For generations, buying gold on this day has been considered a sacred way to invite abundance into one's life. But today's consumers—especially Gen Z and millennials—are evolving how they celebrate, choosing jewellery that's not just traditional, but also personal, versatile, and deeply meaningful. 'Akshaya Tritiya is a celebration of prosperity, new beginnings, and the values we hold close, making deep, meaningful time for Indian families," says Amit Pratihari, Managing Director, De Beers India. 'At Forevermark India, we see a growing emotional connection with natural diamond jewellery during this occasion. Formed over billions of years, these rare treasures of the Earth carry a sense of permanence, authenticity, and beauty that transcends generations." While gold remains a cherished part of the Akshaya Tritiya tradition, discerning buyers are expanding their horizons. Pratihari notes that many are moving beyond conventional choices, seeking pieces that reflect their individuality and deeper emotional connections. 'Natural diamonds and other gemstones are becoming powerful alternatives — vibrant in expression, rich in meaning, and symbolic of modern aspirations," he adds. 'More than adornment, they represent love, legacy, and the desire to celebrate life's milestones with something truly lasting." Indeed, gemstones are finding a new place in festive jewellery boxes. Aditi Daga, co-founder, Angara, highlights this evolution, explaining, 'While gold remains a deeply rooted part of the tradition, today's consumers are blending legacy with lifestyle, choosing pieces that resonate personally and can move seamlessly from rituals to everyday elegance. They want pieces they can live in, celebrate with, and pass down." Interestingly, Angara's very first Akshaya Tritiya season has already witnessed a surge in interest around coloured gemstones, particularly among Gen Z and millennials—a trend partly influenced by skyrocketing gold prices. 'These young buyers are gravitating towards meaningful gemstone jewellery that offers versatility, emotional connection, and lasting value," she says. 'It's not a question of tradition vs. trend but about how tradition evolves with intention." The numbers tell their own story: gemstones like rubies have appreciated over 1000% in value over the last two decades, making them not just beautiful, but also a smart investment. This spirit of evolution is especially evident among younger consumers. MP Ahammed, Chairman, Malabar Group, shares, 'Gen Z's flair for fashion finds a perfect avenue for exploration in jewellery, as they embrace bold, expressive styles and merge timeless elegance with a modern twist. Whether it's statement chokers or heavy gold necklaces—once reserved for bridal trousseaus—today's youth pair them effortlessly with intricately crafted earrings and bangles." Gold remains beloved, but its form is more playful and experimental. From evergreen chandbalis and jhumkas to sleek diamond studs and lightweight bracelets, Gen Z is curating collections that mirror their individuality and vibe. Ahammed notes that the vibrant charm of coloured gemstones is adding an exciting new dimension to layered looks, perfectly complementing this eclectic spirit. A New Era of Jewellery Tradition As Akshaya Tritiya continues to be a day steeped in heritage, it's also becoming a reflection of how traditions adapt with time. Whether it's a timeless gold necklace, a fiery ruby ring, or a pair of sleek diamond studs, today's buyers are making choices that honor the past while embracing the present. In doing so, they are redefining prosperity — not just as material wealth, but as personal meaning, connection, and self-expression. This Akshaya Tritiya, jewellery isn't just an investment in value. It's an investment in stories, in memories, and in identity.
