De Beers the world’s largest diamond seller remains confident about its business prospects in India despite concerns raised by institutions like the World Bank regarding India’s potential to fall into a middle-income trap. Al Cook the Global Chief Executive Officer of De Beers shared his positive outlook while responding to questions from The Hindu.

While acknowledging that various multilateral banks including the World Bank have highlighted the risk of a middle-income trap Mr. Cook emphasized the growing confidence within India and the rising Indian middle class. He described India as offering the best opportunities for the diamond industry and retailers anywhere in the world. According to him India’s combination of wise political leadership and a highly entrepreneurial business culture makes it unique and enviable globally.

The World Bank in its 2024 report titled The Middle Income Trap pointed out that countries tend to get stuck once their per capita GDP reaches around $8,000. Since 1990 only 34 countries have successfully escaped this trap. India’s current per capita GDP stands at about $2,800 according to the World Bank. The report also notes stagnant real wages over the past decade which could limit prosperity for the next generation compared to previous ones.

On the impact of U.S. tariffs on the diamond business Mr. Cook remarked that the tariffs would not benefit the U.S. except by effectively adding a consumption tax on American consumers since the U.S. has no significant diamond mining or processing industry that would gain from tariffs.

He reaffirmed De Beers’ decision to shut down its lab grown diamond business and focus entirely on natural diamonds. Mr. Cook also discussed plans to launch promotional campaigns in India and open more stores targeting the premium segment rather than the ultra-luxury market. Despite lab grown diamond prices dropping by 90 percent he remains confident in the growth potential of the natural diamond market in India.

De Beers’ outlook signals strong faith in India’s economic growth story and consumer demand for premium diamonds even amid global economic uncertainties and warnings about income stagnatio

The Upcoming IPOs in this week and coming weeks are Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries.

The Closed IPOs are Borana Weaves.