India to shine in diamond market with 30-35% year-on-year growth: Amit Pratihari, De Beers Forevermark

Covid surged the demand for dimaonds, which is going to be a profitable option for long-term investment, Pratihari said while discussing the demand trajectory for diamonds in Tier-2 and Tier-3 cities, buying and pricing patterns, current jewellery trends, and more

Mumbai: India is the bright spot when compared to other global diamond markets, with the company expecting a year-on-year growth of 30-35 percent, said Amit Pratihari, Vice President, De Beers Forevermark.

Diamonds and precious metals are the talk as the festival season coincides with the wedding season. Dhanteras and Diwali, which fall during the next fortnight, usually see an uptick in demand for jewellery and precious metals. In an interview with Moneycontrol, Pratihari spoke about the diamond industry, pricing, buying patterns, jewellery trends and more.

Pricing and performance

Pratihari said there was a small correction in diamond prices. While the US and China were the largest consumers of polished diamonds, India was the bright spot.

“India is in a very, very bright spot compared to the global market. This year we’re expecting around close to 30-35% growth year on year and looking at the festive season, all the retailers, including us as a brand, we’re quite optimistic in the next coming month,” he said.

Pratihari advised investing in diamonds, saying it would be beneficial in the long term.

He said that the COVID-19 outbreak led to an increased demand for diamonds — “Diamond is the ultimate symbol of love and emotion. After Covid, this category saw a substantial growth in terms of consumption,” Pratihari said.

A wide consumer base

Consumption of diamonds was going up not just in the metros but also in Tier 2 and 3 cities. “The economy is getting developed. Aspirations are growing in tier 2 and 3 cities and so people want to buy not just traditional gold jewellery but diamonds too,” he said.

Current Trends

As per Pratihari, light-weight diamond and daily-wear jewellery is in style right now. “There is a shift in the customer preference which now prioritises self-care. Not just jewellery, but this trend is seen across the industry from fashion and beauty to even tech,” he explained.

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