Editor’s Note
The De Beers CEO forecasts India’s diamond market could double to $20 billion within five years, highlighting significant growth potential driven by domestic demand.
India’s diamond market, which is estimated at under $10 billion currently, is likely to double in five years on rising demand in Asia’s third-largest economy, global chief executive officer (CEO) of De Beers Group Al Cook said on Thursday.
Cook, who is on his inaugural visit to India, said at a press conference in Mumbai.
Talking about the world’s four key regions for diamond consumption, he said there has been a substantial decline in China, and it would take quite a long time to recover, given the economic challenges there. In the US, the market has been stable over the last year with some growth in recent months, and De Beers will focus many of its marketing campaigns there to boost demand.
The Middle East, meanwhile, continues to show strong and sustained growth, he added.
In terms of revenue contribution from India, Cook said that around 90% of the world’s diamonds come through India. But India also gets tremendous value from all the diamonds that are exported to the US and many other countries. He highlighted that India overtook China about a year ago and is now the second-largest diamond market for De Beers after the US, and is growing very strongly.
he said.
De Beers India’s managing director Amit Pratihari said the company’s expansion plans are well on track, with four new stores set to open this year–two in Mumbai and two in Delhi.