India surpasses China as second largest diamond market, De Beers CEO reports
India has surpassed China to become the second-largest diamond market in the world, according to De Beers CEO Al Cook. India's domestic diamond market is growing at a double-digit rate, while China's luxury sector is experiencing a slowdown. The decline in demand for diamonds in China is linked to slower economic growth. Cook noted that this trend may take time to stabilize, indicating a longer-term recovery for Chinese demand. In the U.S., demand for natural diamonds has decreased due to the rise of lab-grown diamonds. Cook emphasized the need to better promote the value of natural diamonds compared to lab-grown alternatives.