De Beers Group CEO Al Cook has reaffirmed the company’s commitment to India’s natural diamond sector during a recent visit to Mumbai and Surat. The visit is part of the Group’s broader engagement with India’s diamond industry, encompassing retailers, traders, cutters, polishers, and trade organisations, as the country becomes an increasingly important market for natural diamond jewellery.
India Becomes Second-Largest Market for Natural Diamonds
India is now the second-largest market globally for natural diamond jewellery, ahead of China. During his visit, Cook stated, “For more than two thousand years, India has been at the heart of the world’s diamond industry… But I have also seen that the future of diamonds in India will be even greater than the past.”
Commenting on India’s evolving role in the global diamond market, he added: “The industry used to be focused on diamonds ‘from India’ and ‘by India’, but now it’s increasingly about diamonds ‘for India’ and ‘to India’.”
Declining LGD Prices and the Role of Verification Technology
As wholesale prices for lab-grown diamonds (LGDs) fall below US$60 per carat, De Beers is placing increased emphasis on consumer education and diamond verification. Cook noted that LGD prices in the jewellery sector have fallen by 90% at wholesale, moving closer to a cost-plus model and becoming further differentiated from natural diamonds.
“The myth that you can’t tell the difference between a natural diamond and an LGD is beginning to shatter and DiamondProof’s influence is only going to grow,” said Cook. The DiamondProof instrument, launched by De Beers earlier this year, is designed for rapid in-store verification of natural diamonds.
De Beers to Close Lightbox and Shift LGD Focus to Industrial Use
De Beers has confirmed it will close its Lightbox LGD jewellery brand and will focus on high-tech and industrial applications for LGDs. Cook stated: “We believe Element Six can play a collaborative and impactful role in India’s semiconductor and data centre build-out as part of the country’s drive towards AI.”
Element Six, De Beers’ industrial diamond subsidiary, is expected to support India’s technological sectors, aligning with the Group’s view that LGDs have more sustainable commercial potential in non-jewellery applications.
Expansion Plans and Strategic Collaborations in India
De Beers will increase its marketing spend on natural diamonds in 2025 to the highest level in over a decade. This investment supports the Group’s strategic collaboration with Tanishq, a leading Indian jewellery retailer owned by the Tata Group, and its plans to grow the Forevermark brand within the country.
“This multi-billion opportunity is why we’re working with the GJEPC to reinvigorate category marketing and why we’ve refocused our Forevermark brand in India. By 2030, we’ll have 100 co-owned or franchise-owned stores here, spread across 40 key cities,” said Cook.
INDRA Initiative to Support Independent Retailers
De Beers and the Gem and Jewellery Export Promotion Council (GJEPC) have jointly launched the Indian Natural Diamond Retailer Alliance (INDRA), aimed at assisting independent retailers. Through INDRA, participating retailers have access to adaptable marketing materials and virtual training on natural diamonds.
“As part of the INDRA collaboration, registered retailers have been able to access and customise the campaign materials for the ‘Love, From Dad’ collection as part of the Second Ear Piercing Ritual programme,” according to De Beers.
Industry Context and Implications
De Beers’ focus on India underscores the country’s growing significance across the diamond supply chain, from manufacturing to end-consumer demand. For jewellers, this signals further commercial activity in the Indian market, supported by retail expansion, increased marketing, and collaboration with trade bodies.
The introduction of verification tools such as DiamondProof responds to concerns around product differentiation as LGD pricing continues to decline. Meanwhile, the planned closure of Lightbox reflects a strategic realignment of LGDs away from the jewellery category and towards industrial uses, particularly in emerging technology applications.
As Cook concluded: “I have seen the good that India does for diamonds, and the good that diamonds do for India. As I have said many times before, this is a land of exciting diamond opportunities, and a diamond is forever when we all work together.”
