De Beers India managing director Amit Pratihari voiced worry about the lack of transparency in synthetic diamond sales, emphasizing the significance of transparent disclosure to consumers. He emphasized the need of proper certification and reputable grading institutions in distinguishing genuine diamonds from lab-grown ones, and added that the company’s in-house lab, which previously solely served De Beers brands, is now open to other merchants as well. The natural diamond sector, he added, is working with the Gems and Jewellery Exports Promotion Council and the government to unify quality certificates and grading requirements.
While Pratihari does not see the synthetic diamond business as a direct competitor, he recognizes the growing popularity of lab-grown diamonds and the need for regulation to ensure buyers are aware. Following the Federation Trade Commission’s (FTC) rules, India now requires synthetic diamonds to be prominently identified as such, with additional advancements in grading standards likely.
In terms of retail growth, De Beers believes India’s diamond market would expand from $8.5 billion in 2024 to $17 billion by 2030. To capitalize on this opportunity, the firm intends to considerably expand its retail footprint, including the opening of 100 exclusive locations for its Forevermark brand, with the objective of achieving $100 million in sales by 2030.