Surat : Al Cook, CEO ofDe Beers Group, the world’s leading diamond company,reiterated the Group’s commitment to unlocking the full potential for natural diamonds in India during his latest visit to the country.As India continues to power ahead as the world’s fastest growing market for natural diamond jewellery demand, Mr Cook and other senior leaders from De Beers Group havebeen visiting the countryto meet withits range of leading retailers, traders,cutters and polishers, and industry groups.
The growth of India, the home of diamonds, across the diamond value chain
“For more than two thousand years, India has been at the heart of the world’s diamond industry. I have seen that history for myself over the past three days in Mumbai and Surat. But I have also seen that the future of diamonds in India will be even greater than the past.I have seen innovation. I have seen cooperation. I have seen determination,” Mr Cook stated.Recognising the rapidly growing consumer demand for natural diamonds in India as the country has overtaken China to become the second largest market globally, Mr Cook added: “The industry used to be focused on diamonds‘from India’ and ‘by India’, but now it’s increasingly about diamonds‘for India’ and ‘to India’.”
As LGD wholesalevaluefalls to below $60 per carat, the significance of DiamondProof grows
As the value of lab-grown diamonds (LGDs) continues to decline at pace, Mr Cook also highlighted the importance of technology-enabled diamond testing, reiterating the significance of the DiamondProof instrument launched by De Beers Group earlier this year to facilitate rapid verification of natural diamonds at the retail counter: “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. Our drive to educate consumers about the difference between natural diamonds and LGDs has accelerated. 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.”
Marketing collaborations with Tanishq and the GJEPC
With regards tomarketing investments, Mr Cook noted that De Beers Group has already announced that its natural diamond marketing spend in 2025 will be the highest in a decade and referenced De Beers Group’slong-term strategic collaboration with Tanishq, India’s largest jewellery retail brand from the Tata group, to connect more Indian consumers with the rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market.
Summarising the key role that India plays in the world of diamonds and the opportunity to power its growth even further, Mr Cook added: “I have seen the good that India does for diamonds, and the good that diamonds do for India. As I have said many times before, this is a land of exciting diamond opportunities, and a diamond is forever when we all work together.”
