DE BEERS DISPLAYS OPTIMISM REGARDING THE DEMAND FOR DIAMONDS IN INDIA

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De Beers is optimistic about the growing demand for diamond jewelry in India, even in the face of global challenges leading to a noticeable decline in the export of polished diamonds. Some players in the industry are considering a voluntary restriction on the import of rough diamonds.

Back in 2021, we forecasted that by 2030, the consumption of diamond jewelry in India would reach a staggering $17.5 billion. Remarkably, just three years later, we’ve already reached the $8 billion mark,” shared Amit Pratihari, Vice President of De Beers Forevermark, during an event organized by the Indian Chamber of Commerce.

Several factors are contributing to this growth, including the expansion of organized businesses with transparent invoicing practices, the penetration of national jewelry chains into tier 2 and tier 3 cities, and government initiatives aimed at hallmarking, all of which are bolstering the industry’s expansion.

However, data from the Gems and Jewellery Export Promotion Council reveals a substantial 26.49% decline in the export of polished diamonds from India in terms of Rupees during the period from April to August 2023 compared to the same period the previous year.

Colin Shah, Managing Director of Kama Jewellery, expressed his views on the situation, stating, “Considering the consistent downturn in diamond exports and the softening of prices, the voluntary restriction on diamond imports is seen as a remedial measure that can assist diamond traders, particularly smaller and medium-sized ones, in managing their inventories and ensuring equitable pricing for the industry.”

On the other hand, Rajesh Bhayyaji Rokde, Vice-Chairman of the All India Gem and Jewellery Domestic Council, who was in attendance at the ICC event, suggested that the idea of a voluntary restriction on rough diamond imports may require further consideration.

Additionally, De Beers is gearing up to introduce its global initiative, “Origin,” in India next year. Pratihari explained, “Origin will play a pivotal role in expanding distribution. When a consumer buys a diamond and scans a QR code, they will gain insights into the diamond’s origin, the details of its cutting and polishing, its unique characteristics, rarity, and even the option to download a comprehensive report.

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