India’s natural diamond jewellery market is witnessing remarkable momentum as the country emerges as the world’s second-largest diamond jewellery market. Rising disposable incomes, evolving consumer preferences, and increasing financial independence among women are significantly reshaping the category, positioning natural diamonds as symbols of individuality, authenticity, and lasting emotional value.
Quick Summary
- India is now the world’s second-largest diamond jewellery market.
- India contributes 12% of global diamond jewellery demand.
- Natural diamond ownership among Indian women rose from 11% in 2022 to 15% in 2025.
- Gen Z and Millennials account for 86% of India’s natural diamond market value.
- Consumers spend an average of INR 198,000 per natural diamond jewellery piece.
- The market is projected to reach INR 1,520 Billion by 2030.
- Major retailers reported strong growth in natural diamond jewellery sales.
- Younger Indian consumers increasingly view diamonds as symbols of individuality and self-expression.
Rising Incomes and Greater Financial Independence Driving Natural Diamond Demand
~ Rising incomes and greater financial independence are driving a new generation of Indian women to invest in diamonds for themselves ~
India Emerges as the World’s Second-Largest Diamond Jewellery Market
The domestic natural diamond jewellery market continues to witness strong growth momentum, with the country emerging as the world’s second-largest diamond jewellery market. India contributes 12% of global diamond jewellery demand, up from 10% in 2019, surpassing both China and Japan.
According to a recent study, ownership of natural diamond jewellery among Indian women has increased from 11% in 2022 to 15% in 2025, reflecting rising aspiration, accessibility, and desirability for natural diamonds in India. The category’s resilience is being driven significantly by younger consumers, with Gen Z and Millennials now accounting for 86% of India’s total natural diamond market value. This demographic increasingly views natural diamonds as symbols of individuality, authenticity, and emotional meaning, with consumers spending an average of INR 198,000 per piece. The market is further projected to grow at a strong 12% CAGR, reaching INR 1,520 Billion by 2030. (Source – De Beers India Diamond Acquisition Study 2025)
Jewellery Retailers Witness Strong Growth in Natural Diamond Segment
This upward trajectory is further validated by the recent performance of our leading jewellery retailers, who reported that the natural diamond category is consistently outpacing overall market growth.
Chairman Saurabh Gadgil, P N Gadgil, for instance, recently noted that their diamond segment grew at a remarkable 61% year-on-year, significantly higher than their gold segment’s growth. Similarly, Malabar Gold & Diamonds reported a massive global sales surge during the 2026 Akshaya Tritiya period, where Chairman M.P. Ahammed highlighted a 45% growth in studded jewellery specifically. These results confirm that Indian consumers are redefining the category as an essential expression of individuality and lasting value in an era of fleeting trends.
Industry Remains Stable Amid Macroeconomic Headwinds
This growth comes even as the broader jewellery sector navigates macroeconomic headwinds. Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), recently clarified that the government’s advisory urging citizens to temporarily pause gold purchases is a macroeconomic measure aimed at easing import pressures and not a reflection of any domestic supply concern. He stressed that there is no shortage of gold in the country and the domestic market remains stable.
Younger Consumers Increasingly Prefer Diamonds
India’s growing affinity towards diamonds is also reflected in evolving consumer preferences. A recent Deloitte study found that diamonds are second only to gold in jewellery material preference among 20–25-year-olds, with 58% of respondents in the age group choosing diamonds. This signals a significant cultural shift where natural diamonds are increasingly becoming part of everyday luxury and self-expression for younger Indian consumers.
Natural Diamond Council Strengthening Consumer Awareness
Over the past few years, the Natural Diamond Council (NDC) has played a key role in driving these conversations and strengthening the relevance of natural diamonds among Indian consumers through education-led campaigns, cultural storytelling, regional media outreach, retailer collaborations and trend-led lifestyle narratives. From positioning natural diamonds as symbols of modern luxury and self-expression to driving conversations around authenticity, rarity, and emotional value, NDC has consistently worked towards evolving the category beyond traditional occasion-led purchases.
Industry Leaders Highlight Long-Term Consumer Confidence
Richa Singh, Managing Director, Natural Diamond Council says, “Diamonds have never struggled for glamour, the red carpets, the fashion moments and we embrace all of it. But the most powerful thing about this year’s results isn’t glamorous at all, it’s a number. Natural diamond ownership among Indian women has risen from 11% to 15% in just three years. A four-point gain at national scale, in that short a window, is a clear statement of belief and one our entire trade community built together. Indian consumers are choosing the natural diamond because it is real, it is rare, and it carries emotional and heirloom value that endures long after a trend has passed. For every retailer, craftsperson and partner who helped move this market, these numbers are hard proof that the category’s growth is real, measurable, and ours to build on.”
Natural Diamonds Positioned as the Future of Luxury
As India’s personal disposable income is projected to grow by 11% annually, the natural diamond is uniquely positioned to remain the definitive standard for luxury. As the industry moves forward, the focus remains on maintaining a consistent annual acquisition rate and a growing consumer base that views natural diamonds as an essential, high-value asset in an evolving retail landscape.
About the Natural Diamond Council
The Natural Diamond Council (NDC) is a global not-for-profit organisation dedicated to strengthening consumer trust and supporting the ethical, transparent growth of the natural diamond industry. By working closely with industry stakeholders, NDC advances clarity, promotes best practices, and provides credible education to help consumers make informed choices. The NDC operates in the US, China, India, UAE, and Europe.
FAQs
Why is India’s natural diamond jewellery market growing rapidly?
The market is growing due to rising disposable incomes, increasing financial independence among women, and strong demand from Gen Z and Millennial consumers who value authenticity and emotional meaning.
What percentage of global diamond jewellery demand comes from India?
India currently contributes 12% of global diamond jewellery demand, up from 10% in 2019.
How much has natural diamond ownership among Indian women increased?
Ownership among Indian women increased from 11% in 2022 to 15% in 2025.
Which consumer groups are driving diamond demand in India?
Gen Z and Millennials are the key drivers, contributing 86% of India’s total natural diamond market value.
What is the projected size of India’s natural diamond market by 2030?
The market is projected to reach INR 1,520 Billion by 2030 with a 12% CAGR.
What role does the Natural Diamond Council play in India?
The Natural Diamond Council promotes education, transparency, authenticity, and consumer awareness around natural diamonds through campaigns, storytelling, and retailer collaborations.
Source: SVAR Media Network
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