India’s natural diamond jewellery market is projected to reach a valuation of Rs 1,50,000 crore by 2030. This growth is anticipated to be supported by a steady 11% annual increase in India’s Gross Domestic Product (GDP) and personal disposable income throughout the decade.
The findings, released in the De Beers Group 2025 India Diamond Acquisition Study (DAS), indicate a fundamental shift in how domestic consumers perceive and purchase diamonds.
The report suggests that natural diamonds are transitioning from traditional bridal assets to more frequent, everyday luxury purchases. This change is being accelerated by the rising financial independence of women and the evolving preferences of younger demographics.
Evolution of Consumer Preferences
The study identifies that Generation Z and millennial consumers now represent 86% of the total market value for natural diamonds in India.
These consumers are increasingly purchasing jewellery for self-expression rather than solely for traditional matrimonial purposes. This shift is turning natural diamonds into a high-frequency category, moving beyond the traditional role of bridal heirlooms.
According to the Economic Times, this rising demand is no longer confined to major metropolitan hubs. Tier II and Tier III cities have emerged as primary growth engines for the sector, facilitated by improved access to luxury brands and a desire for authentic, durable assets.
These consumers in smaller urban centres are increasingly prioritising the scarcity and long-term value associated with natural stones over mass-market alternatives.
Strategic Pivot and Performance Metrics
The focus on the Indian market comes at a time of significant transition for De Beers globally. In its preliminary financial results for 2025, the company reported an underlying EBITDA loss of $511 million.
This loss occurred despite a total revenue of approximately $3.5 billion, reflecting margin pressures in the global rough diamond trade and challenging trading conditions in other major markets like China.
In response to these conditions, De Beers has adjusted its downstream strategy. The company has recently reduced its involvement in lab-grown diamond jewellery production to concentrate on its natural diamond heritage.
This includes expanding the presence of its Forevermark brand in India, which the company views as the second-largest market for natural diamond jewellery globally and a vital pillar for its future operations.
Broader Industry Growth Trends
The outlook for the wider Indian jewellery industry remains positive despite global headwinds. Market analysis from IMARC Group valued the total gems and jewellery sector in India at $105.8 billion in 2025.
This sector is expected to grow at a compound annual growth rate (CAGR) of 8.83% through 2034, reaching an estimated $231.9 billion.
While the global diamond trade has dealt with inventory fluctuations, the Indian domestic market has demonstrated resilience.
Ongoing infrastructure developments, such as the India Jewellery Park in Mumbai, are intended to support this long-term expansion by attracting investment and streamlining manufacturing capabilities for both domestic and export markets.
