JB Insights
India’s natural diamond market is set to double to $20 billion by 2030: De Beers Group CEO Al Cook
De Beers Group CEO Al Cook, during his first visit to India since taking the helm in February 2023, announced that India’s natural diamond market—currently valued at just under $10 billion—is set to double to $20 billion by 2030. Speaking at a press conference at Taj Lands End, Mumbai, on May 22, Cook highlighted India’s historic and growing significance in the global diamond industry, noting its status as the world’s second-largest market for natural diamonds and the processing hub for 90% of global supply, supporting over a million jobs.
Cook attributed the projected growth to India’s rapidly expanding middle class, rising disposable incomes, and a deep cultural affinity for natural diamonds, with demand increasing at 12% year-on-year. He described India’s economy as “the envy of the world” and outlined De Beers’ multi-pronged strategy to capture this momentum. Key initiatives include the launch of the Forevermark retail brand in Mumbai and Delhi in late 2025, with a plan to expand to over 100 stores across major cities within five years, using both company-owned and franchise models alongside robust e-commerce offerings.
Talking about the world’s four key regions for diamond consumption, he said there has been a substantial decline in China. 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.
Talking about lab-grown diamonds (LGD), he said its wholesale prices in the jewellery sector have fallen 90 per cent. “Our drive to educate consumers about the difference between natural diamonds and LGDs has accelerated. The myth that you can’t tell the difference between a natural diamond and an LGD is beginning to shatter, and Diamond Proof’s influence is only going to grow,” he added.
Al Cook visited the GJEPC office in Mumbai, reinforcing the group’s commitment to deeper collaboration with the Indian diamond industry. The visit follows the successful joint launch of the Indian Natural Diamond Retailer Alliance (INDRA) earlier this year—a strategic initiative to boost India’s natural diamond retail ecosystem.
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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