Buoyed by the robust growth that has catapulted the country as the world�s second-largest diamond market overtaking China in 2024, apex trade promotion body Gem & Jewellery Export Promotion Council (GJEPC) expects the domestic diamond industry to double by 2030 to become a $17 billion industry, while the overall gems and jewellery market will touch $130 billion by then from $85 billion in 2024.

Currently, the domestic natural diamonds market is only about $8.7 billion or about a tenth of the $85-billion gems and jewellery industry, while the lab-grown diamonds are about $2 billion most of which are exported, Vipul Shah, the GJEPC chairman, told TNIE here Tuesday.

Shah, who also runs a diamond cutting and polishing unit called Asian Star which had around Rs 3,500 crore of topline last fiscal, was speaking after signing an agreement with the world�s largest natural diamonds miner De Beers Group here for forging a national alliance for diamond retailers--the Indian Natural Diamond Retailer Alliance or Indra, which will focus on supporting independent retailers with marketing support which will help them reach out to a larger customer base.

The alliance will also help retailers benefit from multi-lingual staff training modules focused on generic knowledge on natural diamonds as well providing customisable marketing assets and content for retailers to promote natural diamonds at a store level.

Courtesy: The New Indian Express