A $100 Million De Beers Target by 2030

THE COMPANY IS SET TO LAUNCH 15 TO 20 NEW FOREVERMARK STORES THIS YEAR.

- VAISHNAVI GUPTA

The diamond industry in India has been evolving rapidly, with significant growth in both demand and retail presence. De Beers, a global leader in diamonds, has long played a vital role in India's diamond sector, primarily through its midstream operations.

However, the company is now making significant strides in retail, strengthening its presence through its Forevermark diamond jewelry stores and forging key partnerships. Amit Pratihari, Managing Director of De Beers India, sheds light on the company's commitment to the Indian market, its expansion strategy, and how it aims to shape the future of natural diamonds in the country.

INDIA: A KEY MARKET FOR DE BEERS

India has always been a significant market for De Beers, and with rising consumer aspirations and increasing disposable incomes, the diamond market is set for exponential growth. According to industry estimates, the Indian gems and jewelry market, valued at $85 billion in 2024, is expected to reach between $120 billion and $140 billion by 2031. Of this, diamond jewelry is expected to account for approximately $17 billion. This promising outlook has motivated De Beers to solidify its footprint in India by making strategic investments in retail and manufacturing.

"We are making products in India, for India. And in the coming days, it will be India for the world also. That's the plan," said Pratihari. "Our commitment to this market is evident through our investments in companies, stores, and franchise models."

FOREVERMARK: A KEY GROWTH DRIVER