The diamond industry in India has been evolving rapidly, with significant growth in both demand and retail presence. De Beers, a global leader in diamonds, has long played a vital role in India’s diamond sector, primarily through its midstream operations. However, the company is now making significant strides in retail, strengthening its presence through its Forevermark diamond jewelry stores and forging key partnerships. Amit Pratihari, Managing Director of De Beers India, sheds light on the company’s commitment to the Indian market, its expansion strategy, and how it aims to shape the future of natural diamonds in the country.

India: A Key Market for De Beers

India has always been a significant market for De Beers, and with rising consumer aspirations and increasing disposable incomes, the diamond market is set for exponential growth. According to industry estimates, the Indian gems and jewelry market, valued at $85 billion in 2024, is expected to reach between $120 billion and $140 billion by 2031. Of this, diamond jewelry is expected to account for approximately $17 billion. This promising outlook has motivated De Beers to solidify its footprint in India by making strategic investments in retail and manufacturing.

“We are making products in India, for India. And in the coming days, it will be India for the world also. That’s the plan,” said Pratihari. “Our commitment to this market is evident through our investments in companies, stores, and franchise models.”

Forevermark: A Key Growth Driver

A significant part of De Beers’ retail strategy is its Forevermark diamond jewelry brand. The company is set to launch 15 to 20 new stores this year, with five company-owned stores and ten franchise-operated stores in major cities like Delhi and Mumbai. The flagship store, which will be around 4,000 square feet, is expected to contribute about 10 percent of the business, while other stores will range from 600 to 1,000 square feet in size.

“We want to be part of this growth scenario and do our bit to capitalize on this opportunity,” Pratihari stated. “Our expansion plan includes not just metros but also high-aspiration Tier II cities like Indore and Patna, where demand for premium diamond jewelry is on the rise.”

Forevermark’s product offerings are positioned across entry, mid, and high-price segments, catering to a broad range of consumers. The brand is also focusing on crafting ‘meaningful jewelry’ with compelling storytelling, making each piece special and unique.

Strategic Partnership with Tanishq

De Beers’ partnership with Tanishq, one of India’s most trusted jewelry brands, is a significant milestone in promoting natural diamonds. Although the branding remains exclusively Tanishq’s, the company plays a crucial role in strengthening the credibility and desirability of natural diamonds.

“Our association with Tanishq is a complete vertical integration, where we are strongly promoting the natural diamond story within their stores,” Pratihari explained. “We are working closely with them to educate their sales teams, ensuring they are well-equipped to answer customer queries about natural diamonds. This enhances consumer trust and strengthens the category as a whole.”

INDRA: A Collaboration with GJEPC

Another key initiative by De Beers is its collaboration with the Gem & Jewellery Export Promotion Council (GJEPC) under the project INDRA. This initiative is designed to create a unique platform that benefits retailers by providing them with resources to market natural diamonds effectively.

“With INDRA, retailers can design their own marketing content, access training materials, and use the platform to educate consumers about natural diamonds,” he highlighted. “This project is a game-changer, as it helps standardize information and promotes transparency within the industry.”

Promoting Natural Diamonds Through Awareness and Technology

To further drive consumer confidence in natural diamonds, the brand is investing in category marketing, independent desirability campaigns, and verification technology. It aims to debunk myths surrounding natural diamonds and provide clarity to consumers.

“The new diamond definition plays a crucial role in differentiating real diamonds from substitutes,” Pratihari asserted. “There has been confusion among consumers regarding lab-grown diamonds. Our intent is to provide accurate information so that they can make informed decisions.”

De Beers is leveraging verification technologies to clearly distinguish natural diamonds from lab-grown alternatives. “At the rough stage, both types look different, but once cut and polished, it becomes challenging to identify them. That’s where our verification technologies come into play. These tools will ensure that customers can confidently purchase natural diamonds,” he added.

Regulations and Guidelines for Lab-Grown Diamonds

Given India’s complex market structure, De Beers is working closely with regulatory authorities to ensure proper terminology and transparency in diamond sales. The Indian government has mandated that lab-grown diamonds be labeled explicitly as ‘lab-grown’ rather than being misrepresented as ‘natural’ diamonds.

“In France, they call it a synthetic diamond. In India, the government has made it mandatory to use the term ‘lab-grown diamond.’ This is a critical step towards standardization and consumer protection,” Pratihari stated.

$100 Million Target by 2030

De Beers has set an ambitious revenue target for Forevermark, aiming to achieve $100 million (approximately Rs 800 crore) in sales by 2030. This goal reflects the company’s strong commitment to the Indian market and its confidence in the potential for natural diamonds.

“We have a long-term plan for India, and our numbers reflect our belief in the market’s potential,” he noted. “With our retail expansion, partnerships, and consumer awareness initiatives, we are confident of achieving this milestone.”

Future Plans: India for the World

While De Beers is currently focusing on establishing a robust presence in India, the company has long-term plans to take its ‘Made in India’ products to international markets. “Right now, it’s India for India,” Pratihari said. “But our ambition is to make it India for the world. We are working towards that vision.”

Additionally, when asked about the possibility of launching De Beers-branded showrooms in India, Pratihari confirmed that it is on the horizon. “For now, our focus remains on Forevermark, but in the next three to four years, we could very well see a De Beers showroom in India.”