Sunday, May 19, 2024
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De Beers forecasts India’s diamond jewellery market to grow to $17bn by 2031

De Beers, a key player in the diamond industry, anticipates significant growth in India’s diamond jewelry market, projecting a surge to $17 billion by 2031. This forecast, unveiled at the GJEPC’s InnovNXT, Forty Under 40 Leadership Summit, marks a substantial increase from its $79 billion valuation in 2021 within India’s broader gem and jewelry sector, which is expected to reach $120 billion.

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The summit underscored essential trends and strategies shaping the industry, emphasizing the importance of storytelling, symbolism, and digital innovation in engaging jewelry consumers. Discussions explored the potential of customer-centric digital approaches, including leveraging platforms like WhatsApp for engagement and monetization, as well as employing branded content strategies to resonate with Gen Z and Millennial consumers.

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Additionally, sessions examined global and India-specific trends in gold and diamond demand, anticipating a record year for gold mine production and steady jewelry demand despite fluctuating gold prices. The event also recognized young talent and innovation in the jewelry sector through the Forty Under 40 initiative.

Covering a diverse range of topics, from the digital payment revolution to success stories of industry disruptors like CaratLane and Pharmeasy, the summit provided insights from industry leaders, highlighting the importance of innovation, collaboration, and storytelling in navigating the dynamic landscape of the gem and jewelry sector.

Ultimately, the InnovNXT Leadership Summit served as a platform for industry stakeholders to exchange ideas, foster collaboration, and envision the future trajectory of the jewelry industry.

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