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India is the world's second largest diamond market, after the USA, with only a 10 per cent share in the overall gems and jewellery market.
De Beers Group will be expanding the presence of its retail subsidiary Forevermark with 15 retail stores in Delhi and Mumbai coming up in this calendar year. Forevermark, which went through an internal restructuring and shifted focus from supplying loose diamonds to companies to a jewellery label in the country, will see eight new stores come up in New Delhi, with the first one opening in June this year. “We plan to strengthen our retail by expanding Forevermark to 15 stores in 2025, and eventually growing to $100 million in revenue from 100 stores by 2030,” said Amit Pratihari, managing director at De Beers India at a select media conference. The new stores will be a mix of company operated stores and through franchise partners. Talking about the gems and jewellery market in India, Pratihari said it is currently valued at $85 billion and is projected to grow to anywhere between $120-$140 billion by 2030.“Natural diamonds will make up more than 10 per cent of this market and will be valued at $17 billion by 2030,” he added. India is the world's second largest diamond market, after the USA, with only a 10 per cent share in the overall gems and jewellery market. The organised jewellery retail market in India has seen increased activity recently, with the entry of new players the Aditya Birla Group through its brand Indriya and established players like Bluestone exploring IPO options. The emerging lab-grown diamond market, Pratihari, said is not a risk to the natural diamond market.
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