India’s natural diamond market is poised for a major leap, with De Beers Group CEO Al Cook projecting the market will double in value—from nearly $10 billion today to $20 billion by 2030. Cook shared this vision during his first official visit to India, speaking at a press event held at Taj Lands End, Mumbai.

“India is the heart and home of diamonds, and it’s now leading the world in diamond demand,” Cook said. Highlighting a 12% annual growth in demand, he credited the rise to India’s expanding middle class, increasing disposable incomes, and deep cultural affinity for natural diamonds. India currently processes 90% of the world’s diamonds and supports over one million jobs in the sector.

To tap into this momentum, De Beers is rolling out an ambitious, India-focused strategy. Its Forevermark brand will launch in Mumbai and Delhi in 2025, with plans to expand to over 100 outlets nationwide. The company will use a “cluster-based” approach, combining company-run and franchise stores with strong e-commerce integration. The offerings will target aspirational consumers, with an average ticket size of ₹2.5 lakh.

De Beers is also ramping up marketing efforts. Its “Love From Dad” campaign, celebrating family milestones, has resonated strongly with Indian consumers. Strategic partnerships with the Indian Premier League (IPL) and top jeweller Tanishq are deepening brand presence. De Beers is training thousands of Tanishq sales staff through its Institute of Diamonds in Surat to help customers understand the rarity and ethical sourcing of natural diamonds.

A major new initiative, INDRA, will launch in August in partnership with the Gem & Jewellery Export Promotion Council (GJEPC), with 1,700 retailers already showing interest. “We are shifting from ‘from and by India’ to ‘to and for India,’” said Cook, stressing the growing domestic appetite for natural diamonds.

Addressing the rise of lab-grown diamonds (LGDs), Cook noted that LGD prices have dropped by 90% and are now available for as little as $299 in the US. De Beers has since closed its Lightbox LGD business in the US. “Our job to distinguish natural diamonds from LGDs is done,” he said, underlining the brand’s renewed focus on natural stones.

To reinforce consumer trust, De Beers has introduced Diamond Proof, a tool that can verify natural diamonds in just three seconds with 100% accuracy. “It’s critical that consumers know what they’re buying,” Cook emphasized.

Sustainability remains central to De Beers’ growth model, with a company-wide goal of achieving carbon neutrality by 2030. Cook highlighted the adoption of solar energy by Indian diamond polishers in Surat, and De Beers’ own green energy initiatives in South Africa and Namibia, including a new wind energy deal.

Additionally, De Beers’ synthetic diamond arm, Element Six, is exploring applications for advanced technology sectors like 6G and quantum computing. Cook said India’s rapid emergence as a tech leader makes it an ideal partner, pointing to potential investments in the country’s semiconductor industry.

Cook also addressed global trade concerns, expressing optimism over securing tariff exemptions on natural diamond imports in the US-India trade talks. With no domestic diamond production in the U.S., such tariffs function only as consumer taxes, he argued.

De Beers’ vision for India goes beyond business. “India fell in love with diamonds 2,000 years ago, and that bond is stronger than ever,” Cook concluded, affirming De Beers’ long-term commitment to making India the epicenter of global natural diamond consumption.

Annie Doresca, chief financial and operating officer of Jewelers of America (JA), has been appointed CEO of the Diamond Council of America (DCA), effective January 1. She will succeed longtime leader Terry Chandler and will continue in her current role at JA while also serving as executive vice president of the DCA until the transition is complete.

The DCA board selected Doresca for her proven leadership, business expertise, and dedication to advancing the organization’s mission. Her dual role aims to strengthen the collaboration between JA and DCA, which became affiliated organizations in recent years.

Doresca brings extensive experience to the position. Since joining JA in 2008, she has helped steer its financial strategy and operations. She is also the founding president of the Black in Jewelry Coalition (BIJC), a leader in promoting diversity, equity, and inclusion within the jewelry sector.

Beyond her executive roles, Doresca serves on multiple industry boards, including the Jewelers Vigilance Committee (JVC), Jewelers’ Security Alliance (JSA), Jewelers Board of Trade (JBT), and the Women’s Jewelry Association Foundation.

Outgoing CEO Terry Chandler expressed strong support for his successor. “Annie has already made significant contributions to the DCA’s growth,” he said. “Her leadership will undoubtedly elevate the organization and empower countless jewelry professionals through education and opportunity.”

With Doresca at the helm, the DCA is poised to strengthen its role as a vital educational resource in the jewelry industry.

Dubai has traded more than 1.06 billion carats of rough and polished diamonds over the past five years, according to Ahmed Bin Sulayem, Chair of the Kimberley Process (KP) and Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC). In 2024 alone, the emirate facilitated the trade of nearly 179 million carats, reaffirming its position as a global diamond trading hub.

The announcement was made during the Kimberley Process Intersessional Meeting, held in Dubai, which brought together hundreds of stakeholders from governments, industry, and civil society. The gathering focused on strengthening traceability, governance, and sustainability in the global diamond supply chain. This marks the UAE’s third term as KP Chair, and the second consecutive year it has led the initiative.

A major highlight of the event was the launch of Verifico, a digital platform designed to enhance the traceability and security of KP certificates. The platform is being made available to all KP participants as part of the UAE’s broader push toward digital transformation in the diamond trade.

Bin Sulayem also called for the first-ever ministerial meeting of KP member states to address mounting global challenges in the diamond industry. Highlighting the critical role of major markets, he stated: “The US, India, and the UAE are the key pillars sustaining the global diamond trade. The Kimberley Process must stay focused to ensure we support growth, resilience, and sustainable development.”

Opening the conference, H.E. Safeya Hashem Al Safi, Acting Assistant Undersecretary at the UAE Ministry of Economy, emphasized Dubai’s journey: “From modest origins, Dubai has risen to become the world’s leading rough diamond trading center. This reflects our economic diversification strategy and our long-term commitment to the diamond sector.”

Feriel Zerouki, President of the World Diamond Council, praised Bin Sulayem’s leadership: “His vision—defining the past two years as the ‘Year of Delivery’ and ‘Year of Best Practice’—provided the clarity and unity needed to overcome long-standing challenges.”

Jaff Bamenjo, from the Civil Society Coalition, echoed the call for meaningful progress: “The KP must deliver on long-promised reforms. A collective, renewed commitment is essential to achieve credible progress during this final year of the current KP reform cycle.”