India to lead global natural diamond demand in 2024.

In the upcoming year, India is poised to take the lead in global natural diamond demand, outpacing major purchasers such as the US and China, according to insights shared by Mr. David Kellie, CEO of the Natural Diamond Council (NDC). The NDC, serving as the global authority on natural diamonds, has estimated the expansive size of the global diamond market at a substantial US$ 100.4 billion. Mr. David Kellie underscores the significance of the Indian market, citing its robust financial position and shifting demographics as pivotal factors. Notably, the growing financial strength of Indian women emerges as a key driver behind the increasing demand for natural diamonds. Mr. David Kellie contrasts this with less favorable economic indicators in the US, signaling a potential delay in the recovery of diamond purchases.

Moreover, Mr. David Kellie anticipates a notable dichotomy between the natural and lab-grown diamond markets as the latter continues establishing itself as a distinct category. Addressing the complex scenario arising from G7 countries imposing sanctions on diamonds originating from Russia due to the Ukraine conflict, Mr. David Kellie acknowledges the intricacies involved in the ongoing process. While the intent of the G7 is considered cautious, there is a recognition of the need to avoid a significantly negative impact on markets heavily dependent on such diamonds, including India and South Africa. Mr. David Kellie highlights the forthcoming challenges related to traceability in these markets and expresses a keen interest in how the situation will unfold shortly.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.