Al Cook, CEO- De Beers Group, expressed robust optimism about India’s natural diamond sector during a media address in Mumbai, announcing significant retail expansion and reaffirming the company’s commitment to the world’s fastest-growing diamond market. The briefing underscored India’s strategic importance to De Beers’ global operations,

Market Outlook and Growth Trajectory

Cook characterized the current period as “a tremendously exciting time to be in India,” citing the natural diamond sector’s double-digit growth performance. He emphasized India’s historical significance as the country that introduced diamonds to the world, while highlighting contemporary factors driving market expansion: economic and political stability, a rapidly expanding middle class, and sophisticated consumer understanding of natural diamonds’ intrinsic value and emotional significance.

Al Cook outlined a favorable supply-demand dynamic for the long term, with anticipated growth in natural diamond demand coinciding with declining supply as mine production decreases globally. This structural shift positions natural diamonds as increasingly valuable assets in the jewelry market.

Strategic Investment in Indian Retail

De Beers five Forevermark retail stores across India, represent a substantial commitment to direct consumer engagement. Notably, the Mumbai location will become the largest Forevermark store globally, serving as a flagship for the brand’s retail ambitions. Cook described this investment as “a symbol of commitment and intention” that reflects De Beers’ long-term vision for the Indian market.

Shweta Harit, Global Senior VP- De Beers Group and CEO of Forevermark, explained that the Forevermark retail initiative employs a distinctive business model where “we have our name on the door,” signaling direct brand ownership and operational control. This approach marks a significant evolution in De Beers’ go-to-market strategy.

Product Differentiation Strategy

De Beers articulated its “and” principle, which recognizes distinct market spaces for natural diamonds and lab-grown diamonds (LGD) rather than positioning them as mutually exclusive categories. This strategic framework acknowledges different consumer needs while maintaining clear differentiation between the two products. Current revenue distribution validates this approach, with natural diamonds generating 98 percent of revenue compared to two percent from LGD.

Cook expressed appreciation for the Bureau of Indian Standards (BIS) establishment of standards and guidelines for both natural and lab-grown diamonds, stating this regulatory clarity builds consumer trust and protects the emotional and financial value of natural diamonds.

Government Engagement and Regulatory Environment

The De Beers CEO reported a productive meeting with Commerce Minister Piyush Goyal, noting the minister’s comprehensive understanding of diamond market dynamics. Cook expressed optimism about India’s chairmanship of the Kimberley Process, anticipating that Indian leadership would strengthen commitments to ethical, conflict-free diamond sourcing and trading.

Consumer Trends and Marketing Initiatives

Harit highlighted robust sales performance among Generation Z and millennial consumers, who are increasingly rejecting commoditized jewelry in favor of pieces with authentic emotional resonance. Current retail trends include significant self-purchase activity by women and brides, along with growing preference for white gold jewelry.

To deepen emotional connections with consumers, De Beers launched two targeted campaigns: “Second Piercing” and “Love You Dad.” These initiatives emphasize personal milestones and family bonds, positioning natural diamonds as irreplaceable symbols of enduring love and sentiment. The campaigns align with the company’s differentiation strategy by creating distinct emotional territory for natural diamonds.

Broader Investment Portfolio

Beyond retail expansion, Cook indicated that De Beers’ bullish stance on India encompasses investments across multiple sectors including technology development, industry standards advancement, and diamond machinery manufacturing. This comprehensive approach demonstrates the company’s view of India not merely as a consumer market but as a complete diamond ecosystem spanning the entire value chain.

De Beers’ Mumbai announcements reflect strategic confidence in India’s natural diamond market, supported by favorable demographic trends, regulatory clarity, and evolving consumer preferences. The company’s substantial retail investment, combined with its product differentiation strategy and emotional marketing approach, positions it to capitalize on anticipated long-term growth while maintaining natural diamonds’ premium positioning in an evolving competitive landscape.