India's diamond exports, both natural and lab-grown, have declined for two consecutive financial years. Meanwhile, major retail players are increasing investments in the domestic market, targeting younger consumers with a preference for lightweight, design-led jewelry.
India's diamond exports have declined for two consecutive financial years, impacted by global demand and pricing pressures. However, domestic retail giants are significantly increasing investments in both natural and lab-grown diamonds to cater to a growing younger consumer base seeking lightweight, design-led jewelry.
The natural diamond industry is implementing a large-scale traceability system, including a blockchain platform called Tracr, to enhance customer trust and provenance amid competition from lab-grown diamonds and declining prices. De Beers Group is selling a 30% stake in Tracr to the Gemological Institute of America (GIA).
