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Informist, Friday, Aug 9, 2024

 

MUMBAI – India's natural diamond market size will see double-digit growth this year, Paul Rowley, executive vice president of diamond trading at De Beers Group, said at the 40th edition of the India International Jewellery Show in Mumbai. This year, India overtook China to become the second-largest diamond jewellery market in the world.

 

India's share in the global diamond jewellery market now stands at 9-10?ter growing at 40% in the last couple of years. In the same period, demand in China has dropped 50%, Rowley said. In a presentation on May 31, De Beers estimated the size of the global natural diamond market to be $81 bln.

 

"India is pivotal in the global diamond industry and Indians appreciate the true value of natural diamonds. Indian trade and consumers ardently believe that diamonds are symbols of enduring love," Rowley said at the world's second-largest gem and jewellery business to business show.

 

"India is back in diamonds and diamonds are indeed back in India," Rowley said. He further said that consumer demand in the world's largest diamond market, the US, continues to be affected by economic uncertainty, soft consumer confidence, and of course, from a natural demand perspective, a little competition from lab-grown diamonds. However, the US market has remained more than stable so far this year, and it is clear that we are at the bottom of the cycle, he said.

 

The world’s largest diamond producer is working on a strategy to support the continued differentiation between natural and lab-grown diamonds. As the market evolves, it is clear that lab-grown and natural diamonds will continue to diverge, with consumers recognising that they are distinct products, each offering their own value propositions.

 

The company is looking to work with its partners to support consumer confidence in natural diamonds, especially as price differences between natural and lab-grown diamonds rise. 

 

De Beers recently launched a diamond verification solution, called 'Diamond Proof', to bring leading synthetic detection technology to the retail counter for the first time. The company deployed 'Tracr' blockchain platform to the industry to create a protection for digitally enhanced and enabled storytelling about what makes a natural diamond unique. End

 

Reported by Sandeep Sinha

Edited by Vidhi Verma

 

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