De Beers repositions in India as lab-grown diamonds gain popularity

A key area where De Beers wants to make an impact is ensuring the authenticity of diamonds - a major concern among customers and sometimes even jewellers

De Beers, synonymous with the glitzy world of natural diamonds, is facing the challenge of losing some of its sparkle. This challenge comes from cheaper, lab-grown diamonds, which have caught the fancy of millennial and Gen Z customers in India, just as they have across the globe, from the US to China.

 

Lab-grown diamonds have a lot going for them — they are 60-75 per cent cheaper than natural ones, and with mass production, prices are falling further. Besides, they share the same chemical composition as natural diamonds and cannot be differentiated by the naked eye.

 

In a Deloitte survey