Al Cook, CEO of De Beers Group, sees India as a bright spot for natural diamonds as rising demand, growing aspirations, and higher disposable incomes pull consumers toward the category. Despite the inroads made by lab-grown diamonds as a cheaper alternative, Cook—who visited India for the second time in eight months this week—says domestic consumers remain discerning in their choices. In an interview with Viveat Susan Pinto, he outlines De Beers’ priorities for India and its retail strategy. Excerpts:It underlines just how critical India is for us. Despite global turbulence, India continues to grow strongly. We expect GDP growth of around 7% through 2025. At a time of instability, India is increasingly viewed as a source of global stability. Diamonds were first discovered in India more than 2,500 years ago, and that heritage continues today—around 90% of the world’s diamonds are cut and polished here.What we see now is a powerful convergence of India’s historical significance and its growing global prominence. We see the strongest natural diamond demand growth coming from India. Domestic demand in India remains very strong—about 11% growth last year, marking four consecutive years of double-digit growth. We expect the Indian diamond market to be roughly twice the size by the end of the decade (2030), at $20 billion compared to $10 billion now.For centuries, diamonds were from India and by India. Increasingly, they are also going to India and for India. In many ways, diamonds are coming home. And India is the second-largest diamond market after the US. All this is bringing me here.There are two distinct dynamics at play here. One is the domestic demand aspect, which I’ve highlighted earlier and its significance for us. Second is that India is the world’s hub for cutting and polishing of diamonds, while the US represents about half of global diamond consumption.Due to US tariffs, diamond exports from India to the US have declined by roughly 50%, which is clearly challenging. That said, we’re confident that India and the US will reach a trade agreement. The US has indicated that once an agreement is in place, diamonds would move to zero tariff, which gives us confidence over the medium term.There are a few areas we are focusing on. While I’m not at liberty to disclose numbers, we have the highest-ever spend on marketing in India. That will continue into 2026.We’re also seeing very positive progress with the Bureau of Indian Standards (BIS) issuing clear guidelines distinguishing natural diamonds from lab-grown diamonds. This is a critical step for consumer protection. We’re working with partners such as Tanishq to deploy detection technology across India that can identify natural versus lab-grown diamonds in about three seconds.In our discussions with the government, the emphasis is consistently on transparency and consumer trust. This week, we have opened our largest-ever Forevermark store in Mumbai. Together, these developments reinforce India’s position as one of the most important diamond consumer markets globally.We view lab-grown diamonds as a separate category. Indian consumers are among the most sophisticated jewellery buyers globally. We don’t believe there will be confusion.Lab-grown diamonds are fashionable and accessible, with wholesale prices around $50 per carat—nearly 20 times cheaper than natural diamonds. That price difference alone creates a clear distinction. Separation is reinforced by three factors: price, detection technology, and regulation.BIS standards are explicit—if a product is called a diamond, it must be a natural diamond. Consumers may choose lab-grown diamonds for casual or fashion jewellery. But for life’s most meaningful moments—engagements, marriages, the birth of a child—people typically want something enduring. That is where natural diamonds continue to matter.At a broader level, lab-grown diamonds are inexpensive but have little to no resale value and should not be viewed as a store of value.It creates an interesting dynamic. High gold prices can make consumers cautious in the short term, but they also support demand for diamond-studded gold jewellery.  READ MORE AT: : https://www.financialexpress.com/business/news/strongest-natural-diamond-growth-coming-from-india-al-cook-ceo-of-de-beers-group/4100536/ (ICE MUMBAI)

Fonte notizia: Financial Express