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Future of natural diamonds challenging; holds promise of transformation: BCG report

A new report by the Boston Consulting Group (BCG), commissioned by De Beers Group, unveils the critical factors that will shape the future of the natural diamond market

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A new report by the Boston Consulting Group (BCG), commissioned by De Beers Group, unveils the critical factors that will shape the future of the natural diamond market.In an era marked by rapid changes and emerging challenges, the natural diamond industry stands at a pivotal juncture. A recent report by the Boston Consulting Group (BCG), commissioned by De Beers Group, sheds light on the critical factors shaping the future of the natural diamond sector. With primary diamond supply projected to decline and demand dynamics evolving, the industry is poised for a significant transformation, it notes.

The cornerstone of the natural diamond industry’s future is the anticipated decline in primary supply. The report highlights that the primary production of natural diamonds is expected to decrease by approximately 1% CAGR over the next decade. This decline is driven by the diminishing yields from ageing mines, a scarcity of new discoveries, and constrained exploration budgets over the past ten years. While there is potential for some increase through brownfield expansions, the overall outlook suggests a tightening of supply.

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The Met Goes Desi: Inside Sabyasachi’s Showstopping Diwali Dhamaka  in New York

Sabyasachi transformed the grand museum halls into a lavish celebration of Indian heritage and global luxury. The decor was a masterclass in maximalist artistry.

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On October 21, Indian craftsmanship, high fashion, and luminous festive spirit converged at New York City’s Metropolitan Museum of Art as designer Sabyasachi Mukherjee hosted a grand Diwali gathering at one of the world’s most prestigious cultural landmarks.

Where the legendary Met Gala annually redefines Western fashion, Sabyasachi transformed the grand museum halls into a lavish celebration of Indian heritage and global luxury. Waiters in vermilion safas moved gracefully beneath the Tiffany loggia, while a jazz ensemble set a soulful tone for an evening where traditional grandeur met modern elegance.

The decor was a masterclass in maximalist artistry. Rich autumn hues, dramatic floral arrangements, cascading pomegranates, and a extraordinarily lifelike peacock installation turned the venue into a lush, garden-inspired masterpiece. At the center sat an opulent, 16-foot grazing table draped in brocade, showcasing a feast that seamlessly paired international delicacies with traditional Indian mithai.

Rani Mukerji: quiet sparkle

Actor Rani Mukerji, a longtime muse and close friend, turned heads in a fluid, gunmetal satin saree edged with subtle crystal, paired with a matching sleeveless blouse, oversized black frames, and a sparkling silver clutch. She paired her liquid-grey satin saree with deliberately understated jewellery: delicate drop earrings, layered bracelets and a metallic wristwatch. The effect was polished rather than ornate, letting the saree’s sheen and her bold black square glasses carry the styling.

Her silver-embellished mini chain bag added the evening’s main hit of sparkle, making the look a strong example of contemporary festive minimalism—ideal for a museum setting where the outfit needed to feel elegant without competing with the art.

Masaba Gupta: colour-led statement

Masaba Gupta chose the evening’s most jewellery-forward look: a multicoloured gemstone statement necklace from the House of Masaba x Amrapali collaboration, reportedly the “Trinket Hoarder” neckpiece in 18-karat antique-finish gold, diamonds and mixed colourful gemstones.

She balanced the vibrant choker with large gold sunburst earrings, a sleek centre-parted bun, black sunglasses and Sabyasachi’s maroon tiger-emblem clutch. The jewellery gave her ivory-and-crimson “laal paar”-inspired ensemble a distinctly maximal, heritage-meets-pop edge.

The wider Jewellery mood

Guests broadly favoured rich Indian craft codes—brocade jackets, sequined sarees, lehengas and embellished Sabyasachi layers—while accessories ranged from subtle metallic accents to bold gem-set neckpieces. Sabyasachi’s signature Pineapple bag, handcrafted with metalwork, stone or crystal inlay and bead or sequin detailing, reinforced the party’s jewellery-adjacent luxury language.

The Met celebration signalled a shift in high-profile Diwali dressing: instead of layered traditional gold, the standout formula was either one exceptional gemstone statement or clean metallic minimalism, with craft-led bags and eyewear used as styling punctuation.

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