India Is Second Largest Natural Diamond Jewellery Market

Chennai: India has overtaken China and Japan to become the second-largest natural diamond jewellery market in 2025, according to De Beers. India’s natural diamond jewellery market is valued Rs 49,700 crore and is projected to reach Rs 1.5 lakh-crore by 2030. With this, India has captured 12 per cent share of global demand of $44 billion. The US has the largest share of 53 per cent. However, lower demand in China and Japan saw their market shares falling to 5 per cent.

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 now generating a staggering 51 per cent of the total market value, a 19 per cent increase since 2022.

This demographic group recorded the highest average price paid per piece at Rs 198,000. Along with millennials, these two generations account for 86 per cent of the Indian diamond jewellery market value.

“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,” said Shweta Harit, Global SVP, De Beers Group.

The lab-grown diamond market has been growing fast globally as well as in India. The lab-grown diamond available at a fraction of the price of a natural diamond, has been eating into the latter’s market. Market data shows that natural diamond prices are roughly 25 to 30 per cent lower than what it was in early 2022. Falling prices of diamonds are making them more affordable to the younger customers. END