Diamonds as India’s Sparkling Economic Barometer: De Beers Charts a Course for Growth

Diamond jewellery is poised to become a defining indicator of India’s economic and retail growth, asserts Amit Pratihari of De Beers India. The company is spearheading this shift with a major retail transformation, transitioning its Forevermark brand to over 100 exclusive stores by 2030, focusing significantly on Tier 2/3 cities alongside e-commerce. A cornerstone initiative, the INDRA platform launching fully at IIJS Premiere 2025, aims to boost natural diamond market penetration from 10% to 15% by equipping thousands of retailers with vital resources and multilingual marketing tools.

De Beers is simultaneously deploying cutting-edge technology like blockchain-based Tracr for traceability and DiamondProof for in-store verification to build essential consumer trust. Marketing strategies are sharply focused on younger, digital-first consumers through culturally resonant campaigns. India’s surging economy, projected to double to $8 trillion by 2030 and propel the gems & jewellery market towards $235 billion, combined with record-high gold prices making diamonds an increasingly compelling value alternative, creates a powerful growth engine.

De Beers is committing significant, sustained investment to capitalize on this generational opportunity, positioning diamonds at the heart of India’s aspirational retail evolution. 

Diamonds as India’s Sparkling Economic Barometer: De Beers Charts a Course for Growth 

The Indian diamond jewellery market isn’t just shining; it’s poised to become a defining indicator of the nation’s burgeoning economic power, according to Amit Pratihari, Managing Director of De Beers India. In a recent interview, Pratihari outlined an ambitious roadmap for De Beers in India, emphasizing strategic shifts, technological innovation, and a profound belief in the domestic market’s potential. 

IIJS Premiere 2025: A Launchpad for Innovation 

Setting the stage for the crucial IIJS Premiere 2025, Pratihari highlights the event’s significance as the tone-setter for India’s festive season. De Beers will use this platform for major unveilings: 

• INDRA Goes Live: The collaborative platform with GJEPC, designed to empower retailers (especially smaller ones) with information, sourcing, and marketing tools, launches fully operational. With over 2,700 retailers already signed up and 1,000 more anticipated, INDRA aims to boost natural diamond penetration from under 10% to 15% of the jewellery market within five years, featuring content in nine Indian languages. 

• Tech Showcase: De Beers will demonstrate innovations like Tracr (a blockchain platform for mine-to-market traceability, crucial for compliance and consumer trust) and its detection technologies. 

• ‘Show & Tell’ Experience: Offering hands-on insight into De Beers’ advancements for the trade. 

Forevermark’s Strategic Transformation: Focus on Exclusivity 

A significant shift is underway for the Forevermark brand. De Beers is decisively moving away from a multi-brand presence towards an exclusive store model: 

• Target: 100+ exclusive Forevermark stores across India by 2030. 

• Rollout: A cluster-based approach begins mid-September 2024 with flagship stores in Delhi and Mumbai, followed by 7-8 stores each in the Delhi NCR and Mumbai-Thane regions. Expansion into South India is slated for 2026, with Tier 2 and 3 cities identified as key growth areas. 

• Omnichannel: This physical expansion will be complemented by a robust e-commerce platform. 

• Transition: Existing multi-brand partners are being supported through the transition, with opportunities to engage with the recently relaunched Institute of Diamonds, which will offer third-party grading services exclusively for natural diamonds. 

Capturing the New Indian Consumer: Digital-First & Aspirational 

Pratihari underscores the importance of resonating with younger demographics: 

• Millennial & Gen Z Focus: Campaigns are designed digital-first but leverage traditional media where impactful. Storytelling blends Indian cultural rituals with modern relevance (e.g., the ‘Second Ear Piercing’ campaign). 

• Regional Nuance: Customization using local languages ensures deeper cultural connections across India’s diverse markets. 

India: The Unwavering Bright Spot 

Despite global headwinds, Pratihari’s outlook for India is unequivocally optimistic: 

• Market Growth: Citing current valuations of $85-90 billion, he projects the domestic gems and jewellery market could reach $120 billion by 2030 and potentially $235 billion by 2035 (Deloitte). 

• Economic Driver: As India grows from a $4 trillion to an $8 trillion economy by 2030, rising disposable incomes will fuel aspirational spending. “Technically, in the next five years we’re adding one more India to the economy,” Pratihari states, highlighting the immense potential for diamond jewellery within this expansion. 

• The Gold Factor: Soaring gold prices are seen as a tailwind. “Diamonds are emerging as a more attractive option within the same budget range,” Pratihari notes, presenting a significant opportunity for the trade to position diamond jewellery as a compelling value alternative. 

Tech & Trust: Bedrocks of Consumer Confidence 

Reinforcing authenticity and transparency is paramount: 

• In-Store Verification: Tools like DiamondProof and DiamondDetect provide retailers with advanced machines to verify diamond authenticity directly in stores. 

• Traceability: Tracr’s blockchain solution addresses growing consumer and regulatory demands for source verification and ethical provenance, crucial in the context of G7 sanctions. 

• Institute of Diamonds: Opening its third-party grading services (exclusively for natural diamonds) to the wider trade enhances credibility. 

Policy & The Path Forward 

While acknowledging initial challenges from US tariffs and G7 policies have stabilized, Pratihari commends GJEPC’s efforts in liaising with the government for supportive policies. He emphasizes the industry’s need for agility and adaptation to capture the “once-in-a-generation opportunity” presented by India’s evolving consumer and economic landscape. 

The Final Cut: Diamonds as India’s Retail Evolution Indicator 

Amit Pratihari’s message is clear: Diamond jewellery is set to be a primary growth engine and a key indicator of India’s retail evolution. Success hinges on understanding the changed consumer, leveraging technology for trust, empowering retailers through platforms like INDRA, and strategically expanding exclusive brand experiences like Forevermark. As India’s economic story unfolds, the sparkle of diamonds will be intrinsically woven into its fabric, reflecting the aspirations and prosperity of a New India.