India’s diamond jewellery market has undergone a remarkable transformation, emerging as the world’s second-largest market. Driven by Gen Z consumers and self-purchasing women, this shift marks a new era where diamonds are no longer reserved for special occasions but embraced as everyday expressions of identity and style
Quick Summary
- India becomes the world’s second-largest diamond market
- Market holds 12% global share and valued at INR 497 Billion
- Projected to reach INR 1,500 Crore by 2030
- Gen Z contributes 51% of total market value
- Millennials and Gen Z together account for 86% of market
- Rise of self-purchasing women reshaping demand
- Shift from occasion-based to everyday diamond wear
- Strong future growth driven by rising income levels
India Emerges as a Global Diamond Leader
The Indian diamond jewellery market has entered a transformative era, officially overtaking China and Japan to become the second-largest market globally, according to the 2025 De Beers India Diamond Acquisition Study (DAS). Capturing a 12% share of global demand, India’s Natural Diamond Jewellery (NDJ) market is currently valued at INR 497 Billion and is projected to reach INR 1,500 Crore by 2030. This growth is underpinned by a seismic shift in consumer behaviour, led by a new generation of buyers who view diamonds not as dormant assets, but as essential elements of their daily identity.
Gen Z Dominates the Diamond Market
The study identifies Generation Z as the undisputed powerhouse of the Indian diamond market. Contrary to global narratives, young Indians are embracing natural diamonds with unprecedented enthusiasm, with Gen Z (aged 18-28) now generating a staggering 51% of the total market value, a 19 % increase since 2022. This demographic records the highest average price paid per piece at INR 198,000, driven by high acquisition rates and a desire for authentic luxury. When combined with Millennials, these two generations consisting of 86% of the Indian diamond jewellery market value, signalling a long-term youth-led expansion that is reshaping the luxury landscape.
From Locker Luxury to Everyday Wear
A profound cultural shift has also redefined how diamonds are worn in India, marking the end of “locker luxury.” In 2014, 56% of diamond jewellery was reserved for special occasions, while only 27% was worn daily. Today, 52% of acquired diamonds are now worn every day This transition is closely linked to the rise of the self-purchasing woman; outside of the wedding segment, 64% of natural diamond jewellery is self-purchased to celebrate personal milestones or as an impulse treat. Even within the wedding sector, which accounts for 29% of the market value, a remarkable 79% of the value is contributed by brides purchasing for themselves.
Industry Perspective on India’s Growth
Shweta Harit, Global SVP, De Beers Group, said: “India’s ascent to the position of the world’s second-largest diamond market is a testament to the deep-rooted emotional and cultural connection Indian consumers have with natural diamonds. As global markets evolve, India stands out as a beacon of growth, driven by a generation that values authenticity and rarity. At De Beers, we see this as a journey where the timeless artistry of a natural diamond meets the modern, fast-paced aspirations of the Indian Gen Z and Millennial consumer. India is now a primary driver of global demand, shaped by a consumer base that is younger, more independent, and more style-conscious than ever before.”
Expanding Market and Future Outlook
Natural diamonds remain the most desired gift and self-purchase item in India, consistently outperforming gold jewellery, smartphones, and luxury watches. As the addressable market expands to 67 million women across Tier 1 to Tier 5 cities, the future of the Indian diamond industry looks increasingly robust. With high-income households forecast to grow by 16% through 2030, the demand for natural diamonds as both a lifestyle statement and a symbolic investment is set to reach new heights.
Diamonds Transition into Everyday Essentials
As India cements its place as a global diamond powerhouse, natural diamonds have officially evolved from ‘special occasion’ heirlooms to everyday essentials. This shift reflects a visionary new era where nature’s greatest art meets the bold independence of a generation that no longer saves its brilliance for tomorrow, but chooses to wear it every single day
About De Beers Group
Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services and a wide range of diamond sorting, detection and classification technology services. De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.
FAQs
What is driving India’s rise in the global diamond market?
India’s growth is driven by Gen Z consumers, self-purchasing women, and changing perceptions of diamonds as everyday luxury items.
How significant is Gen Z’s contribution to the diamond market?
Gen Z contributes 51% of the total market value, making them the dominant consumer group.
What is meant by ‘locker luxury’?
It refers to jewellery kept for special occasions rather than worn daily, a trend now declining in India.
Why are more women buying diamonds themselves?
Women are increasingly financially independent and purchase diamonds to celebrate personal milestones or for self-expression.
What is the future outlook of the Indian diamond market?
The market is expected to grow significantly, reaching INR 1,500 Crore by 2030, supported by rising incomes and expanding consumer base.
How are diamonds positioned compared to other luxury products?
Natural diamonds outperform gold jewellery, smartphones, and luxury watches as preferred gifts and self-purchases.
Source: SVAR Media Network
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