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India’s natural diamond market is set to double to $20 billion by 2030: De Beers Group CEO Al Cook

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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.

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JB Insights

Birdhichand Ghanshyamdas Jewellers: Timeless legacy rooted in heritage, craftsmanship and luxury

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Birdhichand  Ghanshyamdas Jewellers is a legacy rooted in decades of traditional jewellery-making, blending age-old craftsmanship with modern design sensibilities. Reflecting the grandeur of Indian luxury, each piece celebrates the rich heritage of Jaipur through intricate detailing, rare gemstones, and artistic excellence. The  jewellery goes beyond ornamentation—it’s a reflection of identity, culture, and timeless style.  Yash Agarwal – Creative Director – Birdhichand Ghanshyamdas Jewellers speaking to JewelBuzz underlines how by preserving tradition while embracing innovation, Birdhichand Ghanshyamdas creates heirlooms that echo India’s history and continue to inspire future generations.

How do you define the legacy of Birdhichand Ghanshyamdas Jewellers?

Birdhichand’s legacy is rooted in decades of traditional jewelry-making and craftsmanship. We’ve preserved our heritage by blending age-old techniques with modern designs, creating timeless pieces that reflect Indian luxury. Our legacy is about artisanal excellence, authenticity, and celebrating the rich history of Jaipur. Our pieces not just showcases style statement but a reflection of one’s identity, embodying the excellence of timeless Indian luxury.

Explain the USP of your brand.

Our USP lies in our intricate designs and unique craftsmanship which narrates a legacy in itself. From the bold polki patters to coloured gemstones and enamel work, every piece is a statement and represents Jaipur culture and the city’s vibrant history. Our jewellery is rich in heritage while also fashion forward for those looking for traditional pieces with a modern element.

What is your design philosophy?

At Birdhichand, our main philosophy is reviving our culture through our designs. India and Rajasthani architecture has been spoken about since ages and we wanted to relive those designs with our jewellery through meticulous craftsmanship, coloured and rare gems and bold statement pieces. Our aim is to create jewellery that our timeless and can be passed on through generations.

 Kindly provide details of your product offerings, bridal & jewellery collections.

Our collections showcase exquisite bridal pieces and contemporary designs, blending traditional Indian heritage with modern designs. From intricately crafted polki jewelry to vibrant colored gemstones, our pieces range from statement-making occasion wear to versatile essentials. Our diverse offerings include earrings, hathphools, chokers, rings, and brooches – each beautifully curated to celebrate the richness of Indian craftsmanship with a modern twist.

How do you ensure that your jewellery designs reflect Jaipur’s cultural heritage while appealing to the evolving tastes of younger generations?

Our journey began in Jaipur, a city that has eternally inspired us with its vibrant culture and stunning architecture. We draw muse from the city’s intricate designs and majestic structures, reinterpreting them through a modern lens to create pieces that resonate with contemporary trends. Our designs seamlessly blend Jaipur’s rich legacy with bold, expressive sensibilities, reflecting the perfect harmony of tradition and modernity.

What role does sustainability play in your sourcing of materials and crafting processes for your jewellery collections?

Sustainability is a collective responsibility, not a choice. We’re committed to ethical sourcing and craftsmanship, ensuring our diamonds are not only beautiful but also responsibly sourced. Our skilled artisans, masters of Kundan and Meenakari techniques, carefully craft each piece as a timeless heirloom designed to last generations – a testament to our dedication to quality, tradition, and conscious luxury.

How does your brand differentiate itself from other traditional jewellery makers in Jaipur in terms of craftsmanship and innovation?

While many traditional jewellers focus on preserving legacy, Birdhichand seeks to balance heritage with innovation. We reimagine ancient architectural techniques through a modern lens, experimenting with color, pattern, and storytelling to create unique pieces. Every creation by our master artisans is a work of art, blending timeless tradition with contemporary flair.

What specific measures have you taken to make your jewellery accessible to a global audience without compromising its cultural authenticity?

We’ve taken a thoughtful approach to sharing our heritage with a global audience. Our aim is to reinvent traditional designs with modern elements, staying true to their authentic roots. Each piece tells a story, which we share through luxury exhibitions and digital platforms. This approach allows our audience to understand the heritage behind every creation, showcasing how our jewelry seamlessly blends modern sensibilities with timeless tradition. By leveraging both physical and digital channels, we’ve made our culturally rich jewelry accessible worldwide while preserving its authenticity.

How do you incorporate modern technology, such as AI, in jewellery designing?

AI and technology play a supporting role in our design process, augmenting the creativity of our skilled artisans. Rather than replacing traditional craftsmanship, AI serves as a tool to help build intricate design patterns, experiment with new ideas, and visualize complex geometries. Meanwhile, our artisans bring depth and storytelling to each piece, ensuring a perfect blend of tradition and innovation.

Where does Birdhichand Ghanshyamdas Jewellers see itself in the coming years? What is the roadmap?

Our vision is to transcend geographical boundaries, expanding our presence beyond Jaipur and Delhi to global markets. Through strategic pop-ups, exhibitions, and collaborations, we aim to create immersive experiences that showcase the richness of Indian craftsmanship. By fusing traditional designs with modern aesthetics, we aspire to establish Birdhichand as a global ambassador of Indian jewelry, sharing our heritage with audiences worldwide.

Where is Birdhichand Ghanshyamdas Jewellers’ presence beyond the Indian market?

While are roots remain in Jaipur, we have extended our presence internationally with clientele in UK, UAE, Bahrain, Singapore, and Riyadh. We have a strong retail presence in Doha and Dubai which allows us to engage with the international audience that values our Indian craftsmanship.

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LGDs are fundamentally changing the definition and accessibility of luxury

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Over the past year, GIVA has witnessed a growing demand for LGDs, driven largely by millennials and Gen Z. Ishendra Agarwal, CEO and Founder, GIVA speaking to JewelBuzz underscores the fact that  LGDs offer timeless beauty with lower environmental impact, aligning with modern values and redefining fine jewellery in India.  GIVA is leveraging their flexibility and affordability to democratize aspiration, delivering high-quality, customizable designs. As LGDs gain traction, GIVA aims to lead the shift toward a more inclusive, responsible, and innovative jewellery future.

  1. Over the last year, consumer preferences have noticeably shifted toward conscious luxury. How is GIVA seeing this trend play out in terms of demand for lab-grown diamonds, especially among millennials and Gen Z?

 We’re seeing a clear shift in the way younger consumers define luxury. Millennials and Gen Z are leaning into purpose-driven purchases, where beauty meets responsibility. Lab-grown diamonds (LGDs) align perfectly with this ethos, offering timeless clarity and shine with a conscious edge. At GIVA, the response has been phenomenal. We’re witnessing a steady rise in first-time fine jewellery buyers choosing LGDs because they reflect both their style and values.

Our Mother’s Day collection was met with a fantastic response, especially popular were our earrings and pendant sets, along with 18K rings and earrings that saw strong customer interest.

  1. Lab-grown diamonds are being touted as the next big thing in fine jewellery. What makes this category so exciting for GIVA, and how do you see it reshaping the future of the jewellery industry in India?

Lab-grown diamonds are more than a passing trend; they are fundamentally changing the definition and accessibility of luxury. GIVA is enthusiastic about their potential to merge innovation, ethical considerations, and elegance, appealing to today’s environmentally aware customers. LGDs provide greater design possibilities, promote sustainability, and offer more accessible price points, making fine jewelry more inclusive and forward-thinking. As their popularity increases, lab-grown diamonds are expected to significantly reshape India’s jewelry market.

  1. Lab-grown diamonds offer the charm of fine jewellery at a more accessible price point. How is GIVA using this to democratize aspiration, making premium design and craftsmanship available to a wider audience?

We’ve always believed that luxury should feel personal and not out of reach. Lab-grown diamonds allow us to deliver exceptional craftsmanship, meaningful design, and lasting brilliance at a price point that’s more accessible.

At GIVA, we’re not just offering jewellery; we’re creating opportunities for more people to celebrate life’s moments with pieces that reflect both value and values. Whether it’s a first fine jewellery purchase or a conscious choice for love, LGDs are helping us democratize aspiration without compromising on quality or emotion.

  1. Sustainability has become a buzzword across industries — but what does it mean in the context of lab-grown diamonds?

In the world of jewellery, sustainability means transparency, responsibility, and innovation. Lab-grown diamonds are created in controlled environments with significantly lower environmental impact. For GIVA, embracing LGDs is part of our commitment to a cleaner, kinder future, where beauty doesn’t come at the planet’s expense. And we’re committed to educating our customers about why that matters.

  1. With LGDs offering more flexibility in size, shape, and quality — how has this impacted GIVA’s approach to product design and innovation?

Lab-grown diamonds have unlocked a new dimension of design freedom for us at GIVA. With greater flexibility in size, shape, and quality, we at GIVA are able to  now experiment with cuts and settings that were previously limited by cost or sourcing constraints.

This has led to bolder, more intricate designs and importantly, the ability to offer made-to-order pieces that reflect personal stories and preferences. From concept to creation, we’re able to deliver variety, brilliance, and customization at a pace and price that today’s consumer expects.

  1. Do you foresee lab-grown diamonds becoming mainstream in India? And what role will GIVA play in building this next chapter of modern jewellery?

 Yes, we believe lab-grown diamonds are on the cusp of becoming mainstream in India. As awareness builds and barriers fall, LGDs will define a new era of jewellery that is aspirational yet ethical, premium yet personal. At GIVA, we see ourselves at the forefront of this change, driving education, expanding access, and building a brand that evolves with the modern consumer.

  1. Trade and industry needs to strictly adhere to the ethical guidelines of LGD declaration. What is the level of this compliance in industry and retail trade?

Transparency is the cornerstone of trust in the jewellery industry, especially with an emerging category like lab-grown diamonds. While awareness and compliance around LGD declaration are steadily improving, there’s still work to be done across both trade and retail.

Leading brands and responsible retailers are taking clear steps to label LGDs correctly and educate consumers about their origin, quality, and value. However, consistent industry-wide adherence to ethical guidelines is critical to protect consumer trust and ensure the category’s long-term credibility. As the market matures, we expect stricter self-regulation and more informed choices, both from sellers and buyers.

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By Invitation

How seasonal discounts are  decisive factors in increasing Jewellery sales

By Shivaram A

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Festivals and auspicious occasions are intricately woven into the tapestry of Indian culture and the Indian jewellery trade. Every second month comes up a festival or auspicious occasion and with it comes a downpour of discounts and deals. The Indian customer is ready to lap up the discount offers like milk and honey! So, like other retail businesses, the jewellery retail industry too, depends on seasonal offers and discounts to increase the sales.

Why do seasonal discounts and offers matter?

● The Indian calendar is dotted with festivals and occasions every month. Such festivities are normally associated with jewellery purchase to augur good fortune to the family. To attract customers, offering special festival discounts have become the norm.

● During festivals like Diwali or Pongal, the government employees get their bonus which is a bulk amount used often for investment in gold. To lure the customers to invest heavily in gold purchase, higher discounts are offered.

● Certain auspicious days like Dhanteras or Akshaya Tritiya are specifically linked with gold purchase as families buy gold on these days and worship God with gold coins.

● Occasions like Valentine’s Day, Father’s Day and Mother’s Day are being highlighted recently to push sales further with special offers.

● Certain festivals like Varalakshmi Pooja, Karva Chauth or Vijayadashami have become occasions for women to buy new jewellery. With gold being such a high-priced commodity, frequent purchases are not easy for an average customer. Thus, the only option for a retailer is to offer such discounts and offers during festivals to boost sales.

How to boost jewellery sales using seasonal discounts and offers

  • Read your customers Assess the footfall of customers during festive seasons. This

may vary from one shop to another shop in another location depending onthe type of customers you cater to- For example. middleclass customers find it convenient to purchase gold during Diwali, New Year or Akshaya Tritiya. For theaffluent, every day is an occasion.

● The locality your store is in- If your store is located in a North Indian niche, you can expect customers during Dhanteras. In a South Indian locality, Akshaya Tritiya, Onam, Uganda, Pongal, Diwali or Dussehra are the best for buying gold. In a Muslim dominated area, sales are bound to shoot only during weddings. Christians normally purchase gold for their engagements and weddings or during Christmas. Make a list of the days or occasions where you had maximum sales. Some festivals may attract crowds to your store but how many actually bought and why? Analyse.

How seasonal discounts are decisive factors in increasing Jewellery sales

1. Offer a seasonal discount only if it is worth it.

During a festival, every jeweller in town is offering a discount and the competition is intense. Do not just join the competition blindly and offer heavy discounts. Instead, evaluate whether giving a discount of this size has worked for you earlier. If not, you can test-market by offering this discount moderately for a few days and judge the outcome. Offer a seasonal discount only if you think it is worth the trouble. or if you are desperate to liquidate stock.

2. Be different in your discounts

10% off on making charges, zero wastage- all this has become common phrases during festive time. Try something different.

● Tanishq offered a 20% discount on making charges with an additional 5% with State Bank debit and credit cards

● GRT offered silver items free for the weight of gold etc.

● PC Jewellers has cleverly coined its discount deal as “20% off on diamond jewellery” and “20% off on making charges of gold jewellery”. Here the 20% looms large and draws the customer to the store.

● Durga Jewellers of Bangalore goes a step further with its ‘Buy 1, get 2 ” offer on Solitaire jewellery.

3. Make an impact with the discount offer

Evolve print or social media campaigns based on this discountoffer and spread the word around. Intimate your customers of this offer by email, SMS, voice call, WhatsApp or FB messages. Make sure that your discounts make an impact on the customer and draw her to your store. Kamdhenu Jewellers of Chennai has marketed this ad across Facebook and received good response.

4. Special discounts as a mark of loyalty or regular purchase.

Discount depends on your discretion. Turn it into a favourable asset. Yes, it is possible if you offer discounts to

● Loyal customers who have been purchasing jewellery from you for ages, from generation to generation.

● Customers who have brought in many referrals through friends and relatives.

● Frequent shoppers who make small but regular purchases. This not only enhances your customer loyalty but also assures of more purchases in the future years.

The How, When and Why of discounts

It is not just the discount that matters. It is the How, When and Why that matter.

1. How– How do you present your discount? A 20% off on diamond jewellery sounds lame but a Celerio car or an LCD TV sounds huge. The price of both may be equal but, to the customer, yes, the physical representation as a car has great bearing like in this ad.

2. When -When to offer the discount? Offer discounts when your competitors are not even close. Make a difference in the timing of the discount to render it exclusive.

3. Why –Why are you offering the discount? Convey the reason for the discount to the customer- as a

● Festive gift

● Profit-sharing measure

● Mark of the customer’s loyalty.

This will increase the respect and trust among your regular customers. Dishing out discounts, anyone can do. But offering well thought out discounts is the key to successful jewellery retailing.

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