The retail jewellery segment remains largely untapped, presenting a significant opportunity for major gems and jewellery companies. Amit Pratihari, managing director of De Beers Group India, in an interview with Krishna Barot, shares insights on evolving consumer preferences, the impact of lab-grown diamonds (LGDs), and De Beers’ strategic expansion in India. Excerpts:
Q How is De Beers responding to the growing presence of lab-grown diamonds in the market?
A Lab-grown diamonds have seen a sharp decline in value, dropping nearly 90% since 2015. Currently, wholesale prices range between $50 and $150 per carat, and while retail prices have varied due to markups, they too are decreasing rapidly. Similar trends were observed with lab-grown rubies, emeralds, and sapphires in the past—initially priced high but eventually plummeting due to limitless supply. Given the prevalent misinformation in the sector, it is crucial for consumers to distinguish between natural diamonds and LGDs so they can make well-informed decisions about their purchases.
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Q How are consumer preferences evolving in the diamond industry?
A The global market is witnessing a growing inclination toward branded jewellery, particularly among younger generations. Another notable trend is the increasing number of women purchasing jewellery for themselves, to commemorate milestones, celebrate special occasions, or simply indulge. LGDs are now commonly being used in low-cost fashion jewellery, reinforcing historical patterns seen with synthetic gemstones. Consumers are becoming more discerning, preferring jewellery with lasting value rather than investing in items that rapidly depreciate in price.
Q What are De Beers’ key goals and priorities for the next few years?
A De Beers recently signed a long-term agreement with Botswana, the world’s leading diamond producer by value and our trusted partner for over 50 years. As global natural diamond supply continues to decline, having peaked two decades ago, consumer demand is expected to grow, driven by millions of new middle-class households in key markets. Our focus remains on ensuring a sustainable supply of natural diamonds while expanding our presence in high-growth regions.
Q Are there any upcoming projects or expansions you can share?
A We are making significant investments to secure our future supply. Our Venetia underground mine project in South Africa is progressing, and in Botswana,
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