Mumbai: Diamond retailers will be required to adopt differentiated approaches to realize the significant growth opportunity in India, the world’s third-biggest consumer market for diamonds in which demand has more than trebled over the last decade, according to De Beers.

Rising incomes and aspirations could afford the industry an even bigger prize over the next 10 years, the company said in a note based on a 2014 survey of 40,000 Indian women, probably the largest consumer study of its kind ever conducted in the Asian nation. To realize this potential, the stakeholders will need to be proactive in opening up opportunities, according to the Diamond Insight Report 2015.

India’s domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand expanding in 19 of the last 20 years in rupee terms. About 2.5 million pieces of diamond jewelry were bought in 2013, roughly six times the number acquired in 2002. With an 8 percent share of global demand (measured in polished wholesale value in USD) in 2014, the nation was placed behind only the U.S. and China.