Speaking to CNBC-TV18, Cook said the market currently stands just under $10 billion annually and is poised for double-digit growth. “Traditionally, India has been a place where people buy gold for jewellery, but now we see more and more people wanting to buy diamond jewellery to celebrate milestones beyond weddings,” he said.
India is central to De Beers’ global growth plans. The company is launching its retail brand Forevermark in Mumbai and Delhi, with plans to expand to over 100 stores. It is also increasing investment in its Institute of Diamonds in India to strengthen testing and certification capabilities. “This is the world’s best place, with the best technology, for distinguishing between real, natural, and synthetic diamonds,” Cook said.
Globally, the diamond market is showing signs of stabilisation in 2025 after two years of volatility. Growth has been observed in the US fashion jewellery segment, although recovery is expected to remain slow. Markets like India and the Middle East are witnessing rising demand, while China continues to see a decline due to economic challenges. “India is the fastest-growing center of demand on planet Earth,” Cook said.
The market has also seen a clear segmentation between lab-grown and natural diamonds. Prices of lab-grown stones have fallen sharply, with Cook stating, “Today, you can buy 20 lab-grown diamonds for the price of one natural diamond.” He added that Indian consumers are particularly discerning and value the uniqueness and rarity of natural diamonds.
On the issue of tariffs, Cook expressed confidence that natural diamonds will be exempt from new US duties, highlighting that the US does not produce natural diamonds domestically. He praised India’s trade negotiations led by Commerce Minister Piyush Goyal, calling them “very successful” and adding that a US-India tariff deal could further reduce barriers.
Cook also called for an update to the Kimberley Process, which certifies that diamonds are conflict-free. He said the definition of “conflict diamonds” must evolve to reflect modern ethical and sustainability standards. “We want to go beyond this and produce the most ethical, responsible, and sustainable diamonds on planet Earth,” he said.
To enhance transparency and traceability, De Beers has developed a blockchain platform called Tracr, which tracks a diamond from mine to retail. This, Cook said, gives both consumers and governments confidence in the source and authenticity of the stones, especially in light of global sanctions and growing scrutiny on ethical sourcing.
