
With the growing popularity of the lab grown diamond, the natural diamond industry sees the need for technology to differentiate between synthetic and natural diamond. De Beers India managing director Amit Pratihari, while talking to TNIE, said that while he does not see competition from the synthetic diamond market, he sees risk of non-disclosure by sellers of synthetic diamonds.
“Not giving the customer the right information is a risk. I think, therefore, the right kind of certification, buying from the right brand is important,” says Pratihari, who talks about having the right institutions which can grade 100% natural diamonds.
De Beers has a lab institute, which used to grade only for the in-house brands, but now they have opened it for other retailers.
Pratihari says that the natural diamond industry is working with the Gems and Jewellery Exports Promotion Council (GJEPC) and giving information to the government on how it should work on developing quality certification. He informed that India follows Federation Trade Commission (FTC) regulations for grading diamonds and the government has now made it mandatory to use the term synthetic for lab grown diamond.
“The first step is the declaration, which has already been announced. The other things that need to be addressed like standardising grading parameters by different labs, etc. It may take a little time, because diamonds are very unique product. Technology in future will play a big role when you grade a diamond,” says Pratihari.
Meanwhile, he says retail sales of natural diamonds in India continue to grow and he expects the diamond market in India to double from $8.5 billion in 2024 to $17 billion in 2030. India has emerged as the second largest diamond market after the US. In order to take advantage of the growth potential in India, De Beers is planning to expand its retail presence, which according to Pratihari is negligible currently, through launch of exclusive outlets and through a tie-up with Tanishq.
The company plans to open 100 exclusive retail outlets under the Forevermark Diamond brands and target a $100 million sale by $2030. In 2025, it plans to open 15 outlets in Mumbai and Delhi NCR.
De Beers is the largest producer of natural diamond with 33% market share globally.