Surge Forecast for India's Retail Diamond Market
December 24, 24
(IDEX Online) - India is now the world's second biggest market for diamonds and jewelry, and is forecast to grow by over 40 per cent by 2030, says Amit Pratihari, managing director of De Beers India.
He was speaking on Saturday (21 December) in Surat after De Beers and Tanishq, India's largest jewelry retail brand announced a long-term strategic collaboration.
India currently accounts for 11 per cent of demand globally for natural diamonds, according to De Beers, and has overtaken China as the second largest market after the US. But acquisition rates lag behind more mature markets.
"India's gems and jewellery market domestic consumption of India is $85bn and it is expected to reach $120bn by 2030," said Pratihari, according to a report in The Indian Express.
"India's economy is presently a $3.5 trillion economy and by 2030, it is expected to reach $7.9 trillion.
"Major growth in the Indian market is into the desirable products which includes gems and jewellery industry."
De Beers and Tanishq are working together "to enhance consumer education, interest and confidence".
Sandrine Conseiller, CEO of De Beers Brands, said in August, when the collaboration was announced: "India's love affair with diamonds has flourished over thousands of years, and we are thrilled to partner with Tanishq to unlock the full potential of this vibrant market."
De Beers says diamond acquisition rates in India are well below those in mature markets such as the US, offering "a significant opportunity to catalyse further growth for natural diamond jewellery in India".
Pic De Beers and Tanishq announce their collaboration in August.