India has strengthened its position in the global luxury market by becoming the second-largest diamond jewellery market worldwide, surpassing countries such as China and Japan.
The country now accounts for 12% of global demand, reflecting a steady rise from 10% in 2019 and signalling a structural shift in consumer behaviour.
According to the 2025 De Beers India Diamond Acquisition Study, India now trails only the United States, which holds a dominant 53% share.
Meanwhile, China and Japan have seen their shares decline to 5% each, indicating a shift in global demand dynamics.
India’s Natural Diamond Jewellery (NDJ) market is currently valued at approximately ₹785 billion, supported by increasing ownership levels and a growing consumer base.
The market is being driven by rising disposable incomes and a growing affluent population. The number of households earning over $20,000 annually is expected to more than double from 32 million in 2025 to 67 million by 2030.
This growth is expected to fuel demand, with the NDJ market projected to expand at a CAGR of 12% between 2024 and 2030, reaching around ₹1,520 billion.
Ownership of diamond jewellery among Indian women has also increased to 15%, while the addressable market now includes around 67 million women across urban and semi-urban regions.
Younger consumers are playing a dominant role in shaping demand trends. Generation Z contributes 51% of the market value, while millennials account for an additional 35%, taking their combined share to 86%.
This shift reflects changing consumption patterns, where diamond jewellery is increasingly seen as a form of self-expression rather than just a store of value. Daily usage has risen significantly, with over half of newly acquired jewellery being worn regularly.
Self-purchasing has emerged as a key trend, particularly among women, with a majority of purchases outside weddings being driven by personal milestones or discretionary spending.
At the same time, the wedding segment continues to remain a major contributor, accounting for nearly 29% of the market.
While affordability and preference for gold remain barriers for some consumers, overall rejection of natural diamonds remains relatively low.
The study also highlights the growing presence of lab-grown diamonds (LGDs), which are emerging as an entry-level alternative. However, natural diamonds continue to dominate the market, with LGDs primarily concentrated in metro cities and higher-income segments.
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India’s rise as the second-largest diamond jewellery market reflects a combination of demographic shifts, rising incomes, and evolving consumer preferences, positioning the country as a key growth engine for the global diamond industry.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Apr 11, 2026, 9:00 AM IST
Team Angel One
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