De Beers eyes green diamond chain, tech pivot as India market shifts

De Beers Group CEO Al Cook 

De Beers Group CEO Al Cook outlined plans to collaborate with Indian manufacturers on low-carbon diamond supply chains during his visit to Mumbai, building on the company’s renewable energy investments in mining operations across Africa.

“When you buy a natural diamond jewellery in India, you have confidence, not only was it mined using renewable energy, but it was also cut and polished using renewable energy,” Cook said at a press conference on Thursday, praising Indian site holders who are “bringing solar power and renewable power to power their factories in Surat.”

Wind power projects

The world’s leading diamond company has signed agreements for wind power projects in Namibia and is bringing renewable energy to its South African mines within months. Cook indicated similar green collaborations with Indian trade partners are under consideration as the company pursues carbon neutrality by 2030.

“We recognise that consumers across the world want to know that what they buy, particularly what they wear, is sustainable and it’s ethical,” Cook explained, noting that Indian manufacturers are already adopting renewable energy “even without our help.”

The CEO addressed questions about De Beers’ strategic pivot away from lab-grown diamond jewellery toward industrial tech applications through its Element Six division, calling it “a bit of both” margin logic and narrative preservation.

“We don’t think LGD is going. We think there’ll be huge production of LGD,” Cook said. “So, we see LGDs as here to stay. They’re going to be a mass market, low cost, very pretty product. Much like cubic zirconia in the past.”

However, he emphasised the company’s focus on natural diamonds: “We end up being passionate about rare natural diamonds that have taken a billion years to form, not LGDs that have taken three weeks to make in a factory.”

Element Six is targeting India’s semiconductor and AI sectors with synthetic diamonds engineered for quantum technology applications. “It can go over a human body and tell you if there’s anything wrong with your body. It can be a navigational device for aircraft,” Cook explained of nitrogen vacancy diamonds that can detect gravity and electrical fields.

Betting big on India

Addressing the challenge of reconnecting with price-sensitive young Indian consumers, Cook emphasised India’s 2,000-year diamond heritage. “India fell in love with diamonds before any country on planet earth,” he said, citing ancient Roman jewellery containing Indian diamonds from 2,000 years ago.

“India is a country that loves and understands natural diamonds. We also know that India is somewhere where what’s natural really matters. Indian consumers like to know that what they buy is truly authentic,” Cook stated.

The company is targeting everyday wear occasions beyond weddings through campaigns like “Love from Dad,” focusing on second ear piercings as a “wonderful moment to buy a natural diamond earring.”

Cook noted changing consumer behavior as India’s economy grows: “There is a new economy which is growing in India, that is women economy. So, a woman doesn’t need a family validation now to buy a jewelry.”

Regional variations also influence the strategy. “South of India takes smaller sizes, you know, below 30 cent is a major convention. But what they buy is better color, better quality,” said Amit, De Beers’ India representative. “But if you go North, North means you need big rock.”

The company is investing in consumer education through partnerships with Tanishq and the GJEPC, training thousands of sales staff about natural diamond attributes. “People are not just looking for a particular color clarity until and unless they are looking for better clarity. But when it comes to adornment and jewelry, they’re looking for beautiful design jewelry,” Amit explained.

De Beers forecasts India’s natural diamond market will double from under $10 billion to approximately $20 billion by 2030, driven by rising disposable incomes and changing consumption patterns among younger consumers seeking “more meaningful jewelry.”

Published on May 22, 2025