India’s natural diamond jewellery market continues to expand as younger consumers drive demand, with ownership among Indian women increasing from 11% in 2022 to 15% in 2025, according to the latest industry study.
Key Highlights
- Natural diamond ownership among Indian women rose from 11% in 2022 to 15% in 2025.
- India now contributes 12% of global diamond jewellery demand.
- Gen Z and Millennials account for 86% of India’s natural diamond market value.
- Average spend on a natural diamond jewellery piece stands at ₹1.98 lakh.
- India’s natural diamond market is projected to reach ₹1.52 lakh crore by 2030.
- P N Gadgil reported 61% growth in diamond jewellery sales.
- Malabar Gold & Diamonds reported 45% growth in studded jewellery during Akshaya Tritiya 2026.
- Deloitte study shows 58% of consumers aged 20–25 prefer diamonds, second only to gold.
India’s natural diamond jewellery market is witnessing strong momentum, supported by changing consumer behaviour, rising disposable incomes and increasing self-purchase among women.
According to the De Beers India Diamond Acquisition Study 2025, ownership of natural diamond jewellery among Indian women has increased from 11% in 2022 to 15% in 2025. The findings underline the growing acceptance of natural diamonds as a symbol of self-expression, individuality and long-term value.
India now accounts for 12% of global diamond jewellery demand, up from 10% in 2019, making it the world’s second-largest diamond jewellery market and placing it ahead of China and Japan in overall demand contribution.
A significant share of this growth is being driven by younger consumers. Gen Z and Millennials contribute nearly 86% of India’s natural diamond market value and increasingly view natural diamonds as purchases linked to personal milestones rather than traditional gifting occasions. Consumers currently spend an average of ₹1.98 lakh per natural diamond jewellery piece, while the market is projected to grow at a CAGR of 12% and reach ₹1.52 lakh crore by 2030.
The trend is also reflected in the performance of leading jewellery retailers.
P N Gadgil recently reported 61% year-on-year growth in its diamond jewellery segment, outpacing growth in gold jewellery. Similarly, Malabar Gold & Diamonds reported strong demand for studded jewellery during the 2026 Akshaya Tritiya season, with the category recording 45% growth globally.
Industry observers believe the numbers indicate a broader shift in consumer preferences, where natural diamonds are increasingly viewed as an expression of individuality and enduring value.
The positive outlook comes despite broader macroeconomic discussions surrounding precious metal imports. Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), recently clarified that the government’s advisory regarding gold purchases was intended as a macroeconomic measure to ease import pressures and did not indicate any domestic supply shortage.
Consumer preference studies also point towards growing acceptance of diamonds among younger buyers. According to a recent Deloitte study, diamonds rank second only to gold among jewellery materials preferred by consumers aged 20 to 25, with 58% of respondents selecting diamonds as their preferred choice.
The Natural Diamond Council (NDC) has been actively promoting awareness around natural diamonds through educational initiatives, retailer collaborations, cultural storytelling and consumer engagement campaigns aimed at highlighting authenticity, rarity and emotional significance.
Commenting on the trend, Richa Singh, Managing Director, Natural Diamond Council, said:
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.
With India’s personal disposable income projected to rise by around 11% annually, industry stakeholders remain optimistic that natural diamonds will continue strengthening their position within the country’s luxury jewellery segment, supported by a growing consumer base and increasing acquisition rates.
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