De Beers Doubles Down On India As Diamonds Get Rarer, Consumers Younger

De Beers is sharpening its India focus, betting on rising domestic consumption even as the global supply of natural diamonds tightens and lab-grown stones gain ground, according to Chief Executive Officer Al Cook.

The world’s largest diamond retailer is expanding its Forevermark footprint, opening more stores and planning what it calls its largest store globally in Mumbai, underscoring India’s growing importance in its long-term strategy.

India already sits at the heart of the global diamond industry as the world’s largest cutting and polishing hub. The company now wants to sell more diamonds within the country, tapping into what it sees as a powerful consumer shift.

Diamonds, once considered occasional luxury purchases, are increasingly being bought for celebrations, with Gen-Z emerging as the fastest-growing buyer segment, Cook told NDTV Profit in an exclusive interaction at the Forevermark store in New Delhi.

This push comes amid a structural change in supply. Cook says natural diamond supply has been declining since 2008, and is set to fall further in 2026, making natural stones "rarer and rarer."

While India is also the fastest-growing market for lab-grown diamonds, the company does not view them as an existential threat. "Both lab-grown and natural diamonds will coexist, serving different consumer needs, with clear differentiation in value and positioning."

The company, which has opened four stores in India since 2025, says it is looking at substantial investments in the country across retail and brand building.

"While organised brands are gaining traction, local jewellers will continue to play a central role, particularly in gold, even as branded diamond jewellery expands," Cook said, responding to a question on where Indian consumers' trust lies - with local, generational jewellers or large global brands.