At a closed-door media roundtable, Cook cited how India has become a strategic anchor for the company, sustaining double-digit demand and offering stability in an increasingly volatile global environment
Mumbai: At a closed-door roundtable with the media in Mumbai, Al Cook, CEO, De Beers Group, and Shweta Harit, Global SVP, De Beers Group & CEO of Forevermark, outlined how India has emerged as a central pillar in the group’s global natural diamond growth strategy.
Cook framed India not merely as a high-growth market, but as a rare point of stability in an increasingly volatile global environment. With India recording GDP growth of around 7% and a rapidly expanding high-income middle class, he described the country as offering long-term economic confidence at a time of global uncertainty.
“India represents economic and political stability when the world is dealing with constant geopolitical shocks. That stability, combined with rising incomes, is what gives us long-term confidence in India as a natural diamond market,” Cook said.
That confidence is already visible in consumption trends. De Beers’ preliminary estimates indicate that India recorded its fourth consecutive year of double-digit growth in natural diamond demand in 2025, growing approximately 11% year-on-year. This performance has positioned India as the world’s second-largest market for natural diamonds, ahead of China and behind only the United States.
Cook highlighted the structural nature of this shift by pointing to India’s deep-rooted diamond heritage. While India has long been the backbone of global cutting and polishing, accounting for nearly 90% of worldwide volumes, the market is now seeing a decisive move towards domestic consumption. The transition from being a manufacturing hub to becoming a major consumer market, he noted, marks a fundamental change in India’s role within the global diamond ecosystem.
De Beers’ commitment to India extends well beyond marketing. The group detailed sustained investment in institutional infrastructure through its Institute of Diamonds in Surat, alongside a significant push into branded jewellery retail via Forevermark. The opening of the new Forevermark store in Mumbai this week was described as a landmark moment, as it will be the brand’s largest store globally and overall the largest De Beers-owned retail outlet anywhere in the world. Forevermark is soon launching five standalone stores in India, reinforcing the country’s position as its retail incubation market.
A key focus of the discussion was the evolving relationship between natural and lab-grown diamonds. Cook was clear that the two categories serve distinct consumer needs rather than being direct competitors. With lab-grown diamonds trading at roughly one-twentieth the wholesale price of natural diamonds, he emphasized that lab-grown diamond jewellery is expanding access, while natural diamonds continue to dominate value. In India, around 98% of diamond jewellery revenues continue to come from natural diamonds, he said.
Harit reinforced this distinction, drawing attention to consumer behaviour and cultural context. “In India, jewellery purchases are deeply tied to legacy, milestones and long-term value. While fashion-led alternatives will grow, natural diamond jewellery continues to carry the highest status and emotional significance,” she said.
While acknowledging short-term challenges such as export disruptions and pricing pressure, Cook remained firm in his long-term outlook. With global diamond supply declining and demand expected to rise steadily over time, he maintained that the fundamentals remain strong for natural diamonds.
The roundtable concluded with a clear message: for De Beers and Forevermark, India is no longer a future bet. It is already a core market shaping the long-term direction of the global natural diamond industry.
Written by Maithili Patange
Retail Jeweller India News
