De Beers' Forevermark brand is investing $7 million in its second Forevermark Diamond Institute in the Indian diamond processing center of Surat, says the brand's CEO, Stephen Lussier. The firm believes that India, despite its macroeconomic woes, will continue to be the fastest-growing diamond market in the world, he told DNAIndia.com.



He said the facility would house the firm's diamond selection, inscription and grading operations. "We want to be near our customers. The institute is the second one after Antwerp in Belgium."



He said that the firm has been focusing on increasing its distribution and marketing reach. "We expanded our distribution by nearly 50%. We have grown by 30% in India this year and we expect to grow at the same momentum," he said.

"India represents about 10% of the overall market as far as the consumption of polished diamonds is concerned. The entire diamond market in India grew at 18% in 2012 and it would definitely be slower than that in 2013. But we think it is a short-term blip."



In another show of investment in the Indian market, De Beers' International Institute of Diamond Grading and Research will said it will provide its Automated Melee Sorting machines to India's Gem and Jewelry Export Promotion Council for the detection of synthetic diamonds.