De Beers, the world’s largest diamond producer, plans to expand its Forevermark diamond jewelry business in India to 100 flagship and franchise stores by 2030, betting on rising consumer demand, younger buyers and growing interest in self-purchased luxury goods in one of the world’s fastest-growing diamond markets.

The company currently operates 10 Forevermark stores in India, including six company-owned outlets and four franchises, Shweta Harit, De Beers’ global senior vice president, said on Friday. The expansion will combine both ownership models to accelerate growth across the country.

India drives expansion plans

“India is the largest and fastest-growing market, with demand increasing at an average annual rate of 13%,” Harit said, adding that the company would need to expand quickly to establish a wider retail presence and capture the market’s growth.

De Beers plans to concentrate initially on India’s 20 largest cities, building a stronger presence before moving into other urban markets. Forevermark currently operates in Mumbai, New Delhi, Chandigarh and Bengaluru, with stores planned for Pune and Kolkata, Harit said.

Younger buyers lift demand

Changing consumer habits are helping drive diamond jewelry purchases, including self-buying, workwear and fashion. Harit said younger consumers account for 51% of the growth, highlighting the importance of Gen Z and other younger shoppers to the brand’s expansion strategy.

The company’s acquisition study found that women’s ownership of diamond jewelry in India has increased to 15%, Harit said. Average demand for diamond size has also risen, with the typical carat weight increasing to 0.79 carats from 0.64 carats, pointing to growing interest in larger stones.

Festive season offers boost

Harit said Forevermark recorded a strong September as retailers prepared for the festive season, expressing confidence in the brand’s performance this year after positive results last year. The company is counting on seasonal shopping and changing attitudes toward diamond jewelry to support sales as it expands its retail footprint.

Demand for larger diamonds could strengthen further over the next two to three years, Harit said. That would offer another potential source of growth for De Beers as it seeks to turn rising interest in diamond jewelry into sustained retail sales.

De Beers’ ownership structure

Founded in South Africa in 1888, De Beers operates across diamond exploration, mining, trading, retail and marketing. Its activities span 35 countries, including Botswana, Namibia, South Africa and Canada, while its headquarters are in London.

Anglo American owns an 85% stake in De Beers, with the government of Botswana holding the remaining 15%. The planned Forevermark expansion would deepen the group’s presence in India as it seeks to capitalize on shifting consumer preferences and the country’s growing appetite for diamond jewelry.