De Beers Highlights India as Growth Opportunity for Diamond Market

The De Beers Group of Companies released its Diamond Insight Report 2015, emphasizing that “industry fundamentals support long-term confidence in [the] sector.” In particular, the report highlights India as a “further growth opportunity” due to its growing economy and emerging middle class.
Commenting on India in a press release on the report, the De Beers Group of Companies states:

• Driven by a widening consumer base, economic development and increasing volumes, India’s diamond consumer market has achieved almost uninterrupted growth over the last 20 years. It is now one of the world’s largest consumer markets;
• The retail landscape is changing. Chains are set to grow in significance and lead the way in online development, both as a sales channel and as a means of researching future purchases. Brands are also becoming increasingly important for Indian consumers as reassurance of quality and authenticity;
• As affluence continues to grow, more Indian women will be able to purchase diamonds. 75 million new Indian households are expected to see income rise above US$5,000-6,000 in the decade, contributing to growing diamond demand. Meanwhile, the number of Elite households is expected to triple over the next decade to 12 million, while the Super Elites are expected to quadruple in size and reach over three million households by 2024, presenting the industry with a further growth opportunity.

Click here to read the full De Beers Group of Companies report.