Whalesbook
De Beers global CEO Al Cook expressed robust confidence in India's natural diamond market, projecting demand to double by 2030. This surge is driven by sustained double-digit growth over the past four years, propelled by rising disposable incomes and national affluence. India has now firmly established itself as the world's second-largest market for natural diamonds, overtaking China, a trend De Beers expects to widen.
Retail Expansion Underway
To capitalize on this burgeoning demand, De Beers is significantly expanding the retail footprint of its brand, Forevermark. Having opened its first four stores last year, the company has already established its largest global store in Mumbai. De Beers aims to reach 25 Forevermark stores in India by the end of 2024, with an ambitious target of 100 stores by the end of the decade.
Geopolitical and Market Considerations
Cook acknowledged geopolitical turbulence, particularly concerns over potential tariffs on global diamond trade, citing a 50% tariff risk from the United States. However, he remains confident these issues will be resolved, especially with the prospect of a trade agreement between India and the U.S. that could eliminate tariffs. Regarding competition, De Beers views lab-grown diamonds and natural diamonds as distinct propositions capable of coexisting in the market.