According to David Kellie, CEO of the Natural Diamond Council (NDC), India is expected to spearhead the demand for natural diamonds this year, especially as US consumers are increasingly turning to lab-grown alternatives, IDEX Online reports.
Kellie told The Economic Times in India: “The Indian market remains the strongest growth market in the world because of its strong financial position and changing demographics. Indian women are now financially stronger, and they are driving the demand. The key economic indicators in the US are not yet favorable for a demand recovery in diamond purchase.”
Anticipating a growing divide between the natural and lab-grown diamond markets, Kellie highlighted a current price discrepancy of 80%-90%. He also pointed out that natural diamonds are becoming scarcer, with no new mines on the horizon.
In other India related-news, figured released by the Gem & Jewellery Export Promotion Council of India (GJEPC) and quoted by Rough & Polished show that India’s overall gross export of Cut & Polished diamonds in December 2023 totaled $862.48 million – a decline of 32% year-on-year. The overall gross Imports of Cut & Polished diamonds grew 148.5% year-on-year to $254.18 during that period.