David Kellie, CEO of the Natural Diamond Council (NDC) estimates 5-10% growth in the natural diamond market in India in 2024. Kellie highlighted India as the fastest-growing market for natural diamond jewellery globally, attributing it to the high adoption, particularly among young women.
While there are no official numbers, Kelle said the significant investments, expansion in number of retailers, and the overall aspiration among consumers indicates a good growth.
While reiterating his commitment to promoting natural diamonds, he acknowledged the emerging role of lab-grown diamonds in the global market.
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The US is a primary market for lab-grown diamonds, he said, adding that their prominence is increasing in major retail chains like Walmart and Pandora.
Kellie pointed out to the significant price difference of nearly 80 to 90% between natural and lab-grown diamonds. This price discrepancy, he suggested, creates a clear differentiation in the market, catering to different consumer preferences.
Kellie said lab-grown diamonds have a distinct market with its own unique consumer base.
(Edited by : Shweta Mungre)
First Published: Jan 12, 2024 2:31 PM IST
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