De Beers Targets India's Rich for Diamond Growth Amid Global Challenges

• De Beers is betting on India's surging affluent class to boost natural diamond demand.
• The company is opening its largest 'Forevermark' store in Mumbai, aiming for 25 outlets by 2026 and 100 by 2030.
• India's demand has grown 'double-digits' annually, becoming De Beers' second-largest market after the US.
• Globally, De Beers faces weak demand in key markets like China and competition from lab-grown diamonds.
• US 50% tariffs on India's diamond cutting industry disrupt supply chains, but a trade pact is anticipated.

Why It Matters: De Beers banks on India's luxury boom to offset global diamond market headwinds and drive future growth.