Diamond Industry

The opportunity in India stands in contrast to the crisis facing De Beers’ core mining business. The company has made one of its biggest rough-diamond price cuts in years as weak demand, excess inventory and the rise of lab-grown stones weigh on the industry.

Jewellery startup Giva is in advanced talks with private equity investors including TPG, Sofina and Multiples for an $80-100 million funding round that could value the company at about ₹6,000 crore.

Diamonds may hold emotional value, but they rarely hold their worth in the secondary market.

Only about 12% of the jewellery sold in India is diamond and the majority of the purchases still focus on gold, showing a clear scope for growth

This searing piece, filed from Panna, one of India’s poorest corners, tells the tale of men and women who have spent years digging pits in the hope of finding a diamond. The shiny stone, they hope, will wipe away their debt, but most only fall deeper into the trap as they vainly excavate the land.

Titan recently launched a lab-grown diamond brand beYon while other lab-grown diamond jewellery retailers continue to raise funding. De Beers says India’s appetite for natural diamonds remains intact.

Nine pure-play lab grown diamond startups collectively raised a record $26.4 million in 2025, compared with $4.7 million across eight startups last year, according to data from market intelligence provider Tracxn

Gemologists, jewellery designers, metallurgists and machine-learning specialists who know gemstone patterns work in the US on H-1B visas. There are 300 gems and jewellery trading offices on 47th Street in New York's Diamond District alone.

According to CareEdge, India accounts for more than 90% of the world’s polished diamonds by volume. The recent US tariffs of up to 50% risk increasing prices for the end consumer and dampening demand in a key market, which alone accounts for more than 40% of global polished diamond consumption.

Two big developments could help bring back the allure of natural diamonds.