De Beers India managing director Amit Pratihari expressed concerns over the lack of transparency in synthetic diamond sales, emphasizing the importance of clear disclosure to consumers. He highlighted the need for proper certification and reliable grading institutions to distinguish natural diamonds from lab-grown ones, adding that the company’s in-house lab, which used to serve only De Beers brands, is now available to other retailers as well. The natural diamond industry, he noted, is collaborating with the Gems and Jewellery Exports Promotion Council and the government to standardize quality certifications and grading parameters.

While Pratihari does not view the synthetic diamond market as direct competition, he acknowledges the growing popularity of lab-grown diamonds and the need for regulation to ensure consumers are well-informed. India, following the Federation Trade Commission (FTC) guidelines, now mandates that synthetic diamonds be clearly labeled as such, with further developments expected in grading standards.

In terms of retail growth, De Beers is optimistic about India’s diamond market, projecting it will grow from $8.5 billion in 2024 to $17 billion by 2030. To tap into this potential, the company plans to significantly increase its retail presence, including opening 100 exclusive outlets for its Forevermark brand, with the goal of reaching $100 million in sales by 2030.