Editor’s Note
As India’s jewellery market undergoes a premium shift, major players like De Beers are strategically repositioning to capture growth in the branded segment. This analysis explores the potential and challenges of this evolving landscape.
NEW DELHI: Premiumisation is reshaping India’s jewellery market, yet branded diamond jewellery still accounts for less than 10% of overall sales, leaving vast headroom for growth.
De Beers Group, one of the world’s leading diamond companies, is seizing this opportunity by pivoting its brand, Forevermark, from a largely B2B supplier to a consumer-facing label aimed at the premium segment.
Diamond jewellery demand in India is up 12% year-on-year, making it one of the fastest-growing markets globally. This robust growth underpins De Beers’s decision to reintroduce Forevermark through a new retail-focused format, marking its global debut in India, supported by strong tailwinds in organised retail jewellery, according to Sandrine Conseiller, CEO, Brands & Diamond Desirability at De Beers Group.
India—already one of Forevermark’s top three markets—is recording double-digit growth, with the branded diamond-jewellery segment projected to grow from $8 billion to $20 billion by 2030, driven by rising incomes and a growing affluent middle class, she told TOI in an interview.
The move builds on the group’s 30-year legacy in India, tapping a market with massive potential where self-purchase and aspirational buying are steadily rising.
The group plans to open up to 15 stores in 2025, and 100 stores by 2030.
The Indian jewellery market remains heavily skewed toward gold, but consumer preferences are steadily shifting toward branded diamond jewellery.
The organised sector accounts for only about 40% of the market and is expanding rapidly, creating space for new players and premium offerings.
Conseiller said the US tariffs will not impact the retail operations being launched in India.
However, the domestic cut-and-polished diamond industry is bracing for the steep 50% US tariffs, its largest export market, after two challenging years marked by global headwinds, CareEdge Ratings noted.
The sector also faces rising competition from lab-grown diamonds and sees limited relief from alternative markets such as India and China.
India has emerged as the world’s second-largest diamond jewellery market, accounting for 10% share. The rise in demand is supported by increasing disposable incomes, higher penetration and increasing acceptance of diamond jewellery in Tier-II and III cities, and greater financial independence among women.