Record marketing for De Beers India program has spent this year to help natural diamonds shine

New Delhi: De Beers has stepped up marketing efforts in India, partnered with retailers and launched a campaign to promote natural diamonds in response to the general depression of consumer demand and the growing popularity of lab-growing diamonds. The company plans to record spending this year on marketing natural diamonds in India.

Amit Pratihari, Managing Director of De Beers India, said: “We are actively promoting category marketing. It’s just the beginning – we are looking for a five-year vision, and as the season progresses, marketing spending this year will reach historical heights. Although we can’t share your numbers.

Last August, jewelry retailers Tanishq and De Beers Group announced a three-year partnership to promote the sale of natural diamonds in Tanishq stores in India. Earlier this year, De Beers Group collaborated with the jewelry trading agency Gem & Jewellery Export Promotion Council (GJEPC), to promote natural diamond sales in India by helping small independent retailers.

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The penetration of natural diamonds in India is currently about 10%, much lower than the speed of jewelry markets such as the United States. The natural diamond market is expected to grow from the current $8.5 billion to $17.5 billion by 2030. India remains a large gold market.

Pratihari said he expects the prices of natural diamonds to rise. “In more than two carats, prices are getting higher and higher. As demand increases, prices will become stronger,” he said.

Pandemic boom and bust

According to a report by the Council for the Promotion of Gem and Jewelry, crude diamond prices in 2023 fell 15% in 2023, down 18% in 2024, and now prices are about 40% lower than their all-time highs in 2021 and 2022, when global demand surged after the pandemic lockdown. It said prices could stabilize and recover in 2025.

Pratihari said De Beers’ marketing campaign has been carefully planned, “not suddenly.” “India is one of the fastest growing economies. We are spending more time, energy and money in this market. As gold prices rise, I think there are some people building confidence in this category,” he said. He added that the short-term demand for jewelry sees some pressure.

“Labor-grown diamonds are not a threat”

De Beers’ move is the popularity of lab-grown diamonds, usually 30-40% less than comparable ore diamonds. Players in the new era are igniting demand for artificial diamonds, prompting well-known retailers such as Tanishq to increase marketing of natural diamonds.

Also read: Why Diamonds are Not Forever. Twenty years of zero return course.

According to consulting firm Technopak, the diamond market for lab-grown in India is estimated to be US$2.61 billion in 2023 and is expected to reach US$8.31 billion by 2032.

But, Pratihari said he did not see the popularity of laboratory-grown diamonds as a threat. He added: “This is not a replacement for natural diamonds. Yes, it’s market is different, but I think it replaces natural diamonds.”

Commenting on demand, Pratihari said consumers are buying smaller daily outfits. “In large cities like Delhi, Mumbai and Bangalore, people are upgrading to larger sizes. In Level 2 and 3 cities, new funds are coming – consumers are buying products they can afford – and that’s where they are [demand for] Smaller sizes are also growing. Demand for diamond prices ₹100,000 to ₹1.5 million people are growing steadily. ” he said.

De Beers is a global diamond company involved in the exploration, mining, grading, marketing and retail of natural diamonds. It also sells diamonds under the Forevermark brand.

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