De Beers Banks India's Rich for Diamond Demand Surge

LUXURY-PRODUCTS
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AuthorIshaan Verma|Published at:
De Beers Banks India's Rich for Diamond Demand Surge
Overview

De Beers is aggressively expanding its Forevermark retail presence in India, betting on the nation's booming affluent class to fuel double-digit growth in natural diamond demand. Despite global market headwinds and potential US tariffs impacting supply chains, the company plans a network of 100 stores by 2030, targeting both metro cities and emerging wealth centers to secure future sales.

De Beers is significantly expanding its retail footprint in India, opening its fifth and largest global 'Forevermark' store in Mumbai this week. The unit of Anglo American Plc plans to reach 25 outlets nationwide by the end of 2026, according to Chief Executive Officer Al Cook. This aggressive push targets India's rapidly growing affluent class to fuel demand for natural diamonds.

India as a Growth Engine

India has delivered double-digit annual growth in diamond demand over the past four years, a trend expected to continue into 2026. Cook noted this growth is sustainable and central to the company's strategy. India is now the firm's second-largest market after the United States, marking a crucial shift in consumer-driven growth strategy for the long-standing diamond hub.

Navigating Global Headwinds

The optimism is tempered by a challenging global market. De Beers faces weak demand in key regions like China, where economic uncertainty dampens luxury spending. Competition from more affordable lab-grown diamonds, popular with younger consumers, also squeezes traditional market margins.

Strategic Retail Expansion

Structural hurdles remain within India, notably steep 50% tariffs imposed by the US on Indian diamond cutting and polishing exports, which have reportedly halved trade flows. Cook expressed hope for a US-India trade pact soon, which he described as the 'biggest tailwind' heading into 2026. De Beers is targeting a network of 100 stores by 2030, some via franchise, expanding beyond metros into smaller cities where new wealth is emerging from entrepreneurship. Locations like Chandigarh, Lucknow, and Jaipur are slated for new outlets.

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