Diamond jewellery: India a bright spot, expect 30-35% growth, says De Beers' Amit Pratihari

Pratihari said there was a small correction in diamond prices. While the US and China were the largest consumers of polished diamonds, India was the bright spot.

"India is in a very, very bright spot compared to the global market. This year we're expecting around close to 30 to 35 percent growth year on year and looking at the festive season, all the retailers, including us as a brand, we're quite optimistic in the next coming month," he said.

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Pratihari advised investing in diamonds, saying it would be beneficial in the long term.

He said the covid outbreak led to an increased demand for diamonds. "Diamond is the ultimate symbol of love and emotion. After Covid, this category saw a substantial growth in terms of consumption," Pratihari said.

A wide consumer base

Consumption of diamonds was going up not just in the metros but also in Tier 2 and 3 cities. "The economy is getting developed. Aspirations are growing in tier 2 and 3 cities and so people want to buy not just traditional gold jewellery but diamonds too," he said.

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Current Trends

Light-weight diamond and daily-wear jewellery, which can be carried easily, is the trend right now. "There is a shift in the customer preference which now prioritises self-care. Not just jewellery, but this trend is seen across the industry from fashion and beauty to even tech," he said.