India has overtaken China to become the world’s second-largest market for diamonds and jewelry, with projections indicating a growth rate exceeding 40% by 2030. According to Amit Pratihari, managing director of De Beers India, the country’s demand for natural diamonds now accounts for 11% of global consumption.
Speaking on December 21 in Surat, Pratihari highlighted the strategic potential of the Indian market for both diamonds and jewelry, with its growing middle class and increasing economic prosperity. “India’s domestic consumption of gems and jewelry is currently valued at $85 billion and is expected to reach $120 billion by 2030,” Pratihari stated.
The Indian economy, currently valued at $3.5 trillion, is projected to nearly double to $7.9 trillion by 2030, creating significant opportunities for sectors like jewelry. De Beers sees major growth potential in India’s rapidly expanding market, particularly in the high-demand jewelry sector.
The announcement comes alongside a new long-term strategic collaboration between De Beers and Tanishq, India’s largest jewelry retailer. This partnership aims to enhance consumer education and confidence in the diamond market. De Beers and Tanishq are working together to increase consumer interest and awareness about natural diamond jewelry in India, which still lags behind more mature markets like the U.S. in terms of acquisition rates.
“India’s love affair with diamonds has flourished over thousands of years, and we are thrilled to partner with Tanishq to unlock the full potential of this vibrant market,” said Sandrine Conseiller, CEO of De Beers Brands.
De Beers sees this collaboration as a significant opportunity to catalyze further growth in India’s diamond jewelry sector, which is expected to benefit from India’s rising economic status and growing affinity for luxury products.
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