De Beers Group has teamed up with India’s Gem & Jewellery Export Promotion Council (GJEPC) to form the Indian Natural Diamond Retailer Alliance (INDRA), a new initiative aimed at revitalizing the natural diamond market in India. This collaboration seeks to strengthen the natural diamond narrative, offering retailers access to multilingual marketing assets, AI-powered tech tools, and training resources to drive consumer engagement and sales growth.
India, now the second-largest diamond market globally, is expected to see its market value grow from $85 billion to $130 billion by 2030, making it a critical player in De Beers' strategy. According to Vipul Shah, chairman of GJEPC, this partnership aims to leverage the growing demand for diamonds across various segments, including bridal, fashion, and everyday wear.
Sandrine Conseiller, CEO of De Beers Brands, emphasized that India’s current natural diamond penetration of just 10% in the retail sector presents a significant growth opportunity. The country’s youthful and dynamic population, coupled with the rise of organized retail players, presents a powerful foundation for the diamond industry.
This alliance follows a broader trend of increased interest in lab-grown diamonds in India, spurred by changing consumer perceptions. With De Beers' proven partnerships with major retailers like Signet Jewelers, Chow Tai Fook, and Tanishq, the company is positioning itself for a strong foothold in this rapidly growing market.
This strategic move marks a significant shift in De Beers’ approach to engaging with the Indian diamond market, and it's poised to drive future growth.