In 2023, China's economy encountered significant challenges, including reduced consumer spending and a sluggish post-pandemic recovery. These factors contributed to a sharp decline in demand for luxury items such as natural diamonds, a sector that had heavily depended on Chinese consumers for the past two decades. This downturn, while a setback for the global diamond industry, has simultaneously created a strategic opportunity for India to step into the spotlight as the next major player in the global diamond market.
India's rise in the diamond industry is not just anecdotal; it is backed by verifiable data. According to the India Diamond Industry Outlook 2022-2026 of ReportLinker, an AI-driven market intelligence platform, India's diamond imports are expected to climb to $ 33 billion by 2026, up from $ 29 billion in 2021. This represents an average annual growth rate of 2.3% since 1993. On the export side, the outlook is equally promising. India's diamond exports are projected to reach $30 billion by 2026, up from $ 27 billion in 2021, with an annual growth rate of 2.6% over the past three decades. The US, Belgium, and Israel are key markets for India's diamond exports.
DECLINE OF DEMAND IN CHINA = OPPORTUNITY FOR INDIA
India's growing stature as a diamond hub was evident at Jewellery & Gem WORLD Hong Kong 2024, where Indian buyers filled the gap left by Chinese buyers - the presence of the Chinese was markedly less, while that of Indians was noticeably higher. Says Ankit Shah, Ankit Gems, Mumbai, who was present at the event, "India is poised for significant growth in the global diamond industry, driven by its dual role as a leading manufacturer of diamonds, and an emerging key player in the diamond jewellery consumption market."
INDIA'S MIDDLE CLASS FUELS GROWTH
Esta historia es de la edición September - October 2024 de Diamond World.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September - October 2024 de Diamond World.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
BOLD COLOUR GEMSTONES
Timeless and audacious, these vibrant gemstones - sapphires, emeralds, rubies, and more - make bold statements in luxury and artistry. Perfect for those seeking vibrant alternatives to minimalistic diamonds, these jewels bring opulent colour to the forefront of high jewellery.
CHAUMET'S EN SCENE COLLECTION IS ALL ABOUT MUSIC, DANCE AND MAGIC
Chaumet's latest high jewellery collection, En Scene, is imbued with harmony and a sense of movement, encompassing elements of music, dance, and magic -- each piece tells a story, be it through the rhythm of gemstones in Setting the Tempo, the movement of stones in Leading the Dance, or the magical illusions in As If by Magic
Charting a New Course for the Diamond Industry Amid Global Shifts
The inaugural BDB Leadership Series examined India's rise as a diamond industry powerhouse, the significance of sustainability, and the future of consumer trends such as quiet luxury, setting a tone of optimism amid challenges
Couture India 2024 A Grand Celebration of Luxury and Innovation
Couture India 2024 dazzled with its celebration of heritage and innovation, bringing together top-tier jewellery brands, emerging designers, and retailers for a showcase of luxury, craftsmanship, and forward-thinking design
Jewellery & Gem WORLD Hong Kong 2024 Optimism and Resilience in a Changing Market
With Indian buyers taking centre stage, Jewellery & Gem WORLD Hong Kong 2024 showcased India's growing influence in the diamond industry. The event demonstrated the resilience of the diamond industry, with De Beers expressing optimism about the recovery of natural diamonds
G7 APPROACH TO DIAMOND TRACEABILITY HAS CONCEPTUAL DEFICIENCIES: DR MZEE FULA-NGENGE
African diamond-producing nations are increasingly seeking their place in the sun, and are no longer shying away from demanding their rightful share of the revenues generated from diamond extraction. Dr M'zee Fula Ngenge, Chairman, African Diamond Council, talks to Suneeta Kaul about the most pressing issues pertaining to the African diamond industry the less than effective role of local diamond trade administrators, the G7's approach to traceability, the role of technology in improving the functioning of the continent's diamond industry, the limitations of the Kimberly Process, and more
CUSTOMIZATION AT THE FOREFRONT OF THE SURGE IN LGDS
Lab-Grown Diamonds are reshaping luxury, offering personalization possibilities through cutting-edge technology; the shift to customization is being led largely by millennials and Gen Z, who value innovation more than tradition
THE RISE OF DUBAI AS A DIAMOND TRADING HUB: IMPACT ON THE GLOBAL TRADE, AND IMPLICATIONS FOR INDIA
Over the past few years, Dubai has rapidly become one of the world's leading diamond trading hubs. Leveraging its strategic location, state-of-the-art infrastructure, pro-business taxation policies and global connectivity, the city now rivals traditional centres such as Antwerp and Mumbai, attracting major players from across the globe. Suneeta Kaul takes an in-depth look at the city's emergence as a diamond trading powerhouse, and the implications this has for India
E-COMMERCE IN DIAMOND JEWELLERY GAINING GROUND
E-commerce is steadily finding its way into the function of diamond jewellery retail the world over, in spite of several challenges and obstacles. Retailers are taking steps to overcome the critical challenges of trust and personal connections that are easier to establish in a brick-and-mortar world, and are seeking to establish these factors in a digital scenario
INDIA TAKES CENTRE STAGE As China's Demand Ebbs, India Rises as the New Diamond Powerhouse
India is establishing itself as a global diamond powerhouse, thanks to its burgeoning middle class, a rising disposable income, unmatched craftsmanship, skilled labour force, cutting-edge technology, and strategic collaborations. Anjana Vaswani takes an in-depth look at these factors that collectively position the country to mark its dominance in the diamond industry
