India’s natural diamond jewellery market is projected to reach a valuation of INR 1,520 billion by 2030, representing a sustained compound annual growth rate (CAGR) of 12 per cent.
According to the De Beers India Diamond Acquisition Study 2025, the market was officially valued at INR 785 billion in 2024. This growth trajectory has solidified India’s position as the second-largest global market for diamond jewellery, accounting for 12 per cent of total demand.
The report, cited by GJEPC, indicates that India has moved ahead of traditional markets such as China and Japan, which each hold a 5 per cent share of global demand.
The United States remains the primary market, maintaining a 53 per cent share. The rise in Indian consumption is attributed to robust macroeconomic factors, including an 11 per cent annual expansion in GDP and personal disposable income through the end of the decade.
Demographic Shifts and Consumer Spending
A significant characteristic of the current market is the dominance of younger consumers. Gen Z buyers contribute 51 per cent of the total market value, while millennials account for 35 per cent, bringing the combined youth share to 86 per cent.
Ownership of natural diamond jewellery among Indian women has increased from 11 per cent in 2022 to 15 per cent in 2025. On average, consumers are spending approximately INR 1.4 lakh per piece of diamond jewellery.
The study further identifies the expansion of high-income households as a structural driver. The number of Indian households earning more than $20,000 annually is expected to double from 32 million in 2025 to 67 million by 2030.
This demographic shift is widening the addressable consumer base to approximately 67 million women across Tier 1 to Tier 5 cities, indicating that demand is no longer confined to traditional metropolitan centres.
Industry Collaboration and Market Transparency
In response to these trends, industry leaders are focusing on retail infrastructure and consumer education. In early 2025, the Gem & Jewellery Export Promotion Council (GJEPC) and De Beers launched the Indian Natural Diamond Retailer Alliance (INDRA).
As reported by Diamond World, this alliance supports independent retailers through multi-lingual marketing resources and retail training programmes to improve consumer trust.
Additionally, De Beers has established strategic partnerships to broaden its retail reach. According to De Beers Group, a long-term collaboration with Tanishq was initiated to promote natural diamond education and interest.
These efforts are part of a broader industry goal to grow the total Indian gem and jewellery sector to $130 billion by 2030, up from approximately $85 billion in 2024.
Future Outlook for Natural Diamonds
While various jewellery segments have gained visibility, natural diamonds continue to hold the majority share of the luxury market.
The acquisition rate for natural diamonds has remained stable at 3 per cent annually, even as ownership numbers rise. Retailers are increasingly focusing on the provenance and traceability of these stones to meet the ethical expectations of modern purchasers.
The expansion of organised retail chains into smaller cities is facilitating this growth, offering consumers certified products and clear pricing structures.
This shift toward organised trade is expected to increase market depth, ensuring that the projected INR 1.5 trillion valuation remains achievable within the next five years.
The industry is currently prioritising digital integration and omni-channel experiences to maintain engagement with the high-spending youth demographic.
