India surpasses China to become world's second-largest diamond market

India has surpassed China to become the world's second-largest diamond market, according to De Beers Group CEO Al Cook. This change is attributed to India's strong double-digit growth, while China's luxury sector faces a downturn. China's economic slowdown has led to decreased demand for luxury goods, including diamonds. Cook noted that while Chinese demand is stabilizing, a full recovery will take time. Despite a drop in diamond exports, India's domestic consumption is rising. The growing popularity of lab-grown diamonds in the U.S. is also impacting the market for natural diamonds, prompting De Beers to emphasize their unique qualities.