New Delhi, July 16 -- Forevermark Diamond Jewellery, owned by De Beers Group, is betting on retail expansion in India to sustain growth as the natural diamond industry faces a prolonged downturn and rising competition from cheaper lab-grown stones.

India is already De Beers' second-largest market globally for natural diamond jewellery. The market was valued at Rs.49,700 crore in 2024 and is expected to triple to Rs.1.5 trillion by 2030, according to the London-based luxury jewellery maker's 2025 India Diamond Acquisition Study.

"If we did not believe in the opportunity, there is no way we would have invested so much in retail in India," Mallikarjuna Reddy Yarabolu, managing director of Forevermark, told Mint in an interview.

Forevermar...